Reddit shares surged 11% in after-hours trading on Thursday, July 18, 2024, following the announcement of the company’s inclusion in the S&P 500 index. The social media platform will join the benchmark on August 18, replacing AvalonBay Communities Inc. Reddit becomes only the second pureplay social media company in the index, after Meta. Companies typically see their stock prices rise when added to major indexes, as fund managers must purchase shares to replicate the changes.
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