Reddit said in an updated IPO prospectus on Friday that it’s being investigated by the Federal Trade Commission for its data-licensing practices.
In an updated IPO prospectus on Friday, Reddit said it's being investigation by the FTC for its data-licensing practices.
"On March 14, 2024, we received a letter from the FTC advising us that the FTC's staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models," Reddit said in an updated IPO prospectus.
"We believe our growing platform data will be a key element in the training of leading large language models and serve as an additional monetization channel for Reddit," the company said in its prospectus.
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