FMR LLC (Fidelity) filed Amendment 4 to Schedule 13G disclosing a passive 10.4 % stake in Reddit, Inc. (RDDT) as of 30 Jun 2025. The firm beneficially owns 13,768,849.59 Class A shares, holding sole voting power over 13,435,058.41 and sole dispositive power over the entire stake; no shares are held jointly.
The position includes 2,588,430 Class B shares that are convertible 1:1 into Class A. On a fully converted basis the stake would equal 7.47 % of the enlarged Class A float. A separate reporting person, Abigail P. Johnson, reports identical beneficial ownership. The filing is on Schedule 13G rather than 13D, indicating the shares were acquired in the ordinary course of business and not for the purpose of influencing control. Signatures were executed 5 Aug 2025 by attorney-in-fact Richard Bourgelas.
Positive
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Insights
TL;DR – Fidelity now holds a passive 10.4 % Reddit stake, signalling strong institutional confidence without activist intent.
The crossing of the 10 % threshold brings FMR into the top-tier of Reddit shareholders and may improve liquidity and market perception of the newly listed stock. The filing under 13G, not 13D, confirms a non-activist posture, limiting governance disruption risk. Sole voting/dispositive powers suggest internal portfolio concentration rather than co-investment. The inclusion of convertible Class B shares highlights Reddit’s dual-class structure; investors should note the fully diluted impact reduces the economic stake to 7.47 %. Overall market impact is modestly positive, signalling long-term institutional commitment.
TL;DR – Large passive holding lessens immediate control risk but concentrates voting power in one institution.
Although Fidelity declares ordinary-course intent, its 13.4 M-share block gives it meaningful influence, particularly in routine matters requiring only Class A votes. The sole voting authority centralises power and could sway shareholder proposals. However, the absence of group activity and the 13G classification mitigate concerns of imminent strategic intervention. Reddit’s dual-class structure still leaves founders with super-voting Class B shares, so overall governance balance is largely unchanged.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Reddit, Inc.
(Name of Issuer)
CLASS A COMMON STOCK
(Title of Class of Securities)
75734B100
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
75734B100
1
Names of Reporting Persons
FMR LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
13,435,058.41
6
Shared Voting Power
0.00
7
Sole Dispositive Power
13,768,849.59
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,768,849.59
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.4 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
75734B100
1
Names of Reporting Persons
Abigail P. Johnson
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
13,768,849.59
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,768,849.59
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.4 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Reddit, Inc.
(b)
Address of issuer's principal executive offices:
303 2ND STREET, 303 2ND STREET, SAN FRANCISCO, CALIFORNIA, 94104.
Item 2.
(a)
Name of person filing:
FMR LLC
(b)
Address or principal business office or, if none, residence:
245 Summer Street, Boston, Massachusetts 02210
(c)
Citizenship:
Not applicable
(d)
Title of class of securities:
CLASS A COMMON STOCK
(e)
CUSIP No.:
75734B100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
13,768,849.59*
*2,588,430 of the shares of Class A Common Stock of REDDIT INC reported as being beneficially owned by the reporting persons at June 30, 2025, are included in this Schedule 13G because the Reporting persons are deemed to beneficially own such shares as a result of the direct ownership of 2,588,430 shares of Class B Common Stock of REDDIT INC by investment companies advised by Fidelity Management & Research Company LLC, FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management Trust Company, and Strategic Advisers LLC, indirect wholly-owned subsidiaries of FMR LLC as of such date, which shares of Class B Common Stock are convertible into shares of Class A Common Stock at the election of the holder at an exchange rate of 1:1. Such shares of Class B Common Stock represent 4.7147% of the outstanding Class B Common Stock. Assuming the conversion of all outstanding shares of Class B Common Stock into Class A Common Stock, the 13,768,849 shares of Class A Common Stock reported as being beneficially owned by the reporting persons in this Schedule 13G would represent 7.4721% of the outstanding Class A Common Stock.
(b)
Percent of class:
10.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Please see the responses to Items 5 and 6 on the cover page.
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
13,768,849.59*
*2,588,430 of the shares of Class A Common Stock of REDDIT INC reported as being beneficially owned by the reporting persons at June 30, 2025, are included in this Schedule 13G because the Reporting persons are deemed to beneficially own such shares as a result of the direct ownership of 2,588,430 shares of Class B Common Stock of REDDIT INC by investment companies advised by Fidelity Management & Research Company LLC, FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management Trust Company, and Strategic Advisers LLC, indirect wholly-owned subsidiaries of FMR LLC as of such date, which shares of Class B Common Stock are convertible into shares of Class A Common Stock at the election of the holder at an exchange rate of 1:1. Such shares of Class B Common Stock represent 4.7147% of the outstanding Class B Common Stock. Assuming the conversion of all outstanding shares of Class B Common Stock into Class A Common Stock, the 13,768,849 shares of Class A Common Stock reported as being beneficially owned by the reporting persons in this Schedule 13G would represent 7.4721% of the outstanding Class A Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the CLASS A COMMON STOCK of REDDIT INC. No one other person's interest in the CLASS A COMMON STOCK of REDDIT INC is more than five percent of the total outstanding CLASS A COMMON STOCK.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See attached Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Not applicable.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Not applicable.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
FMR LLC
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of May 23, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:
08/05/2025
Abigail P. Johnson
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of May 23, 2023, by and on behalf of Abigail P. Johnson*
Date:
08/05/2025
Comments accompanying signature: *This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on August 8, 2023, accession number: 0000315066-23-002397.
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