Reddit's shares surged 38% on their first day of trading, indicating strong investor interest. The social media company, known for its message boards, priced its initial public offering at $34 and opened at $47 on the New York Stock Exchange. The successful debut may encourage other tech firms to go public, despite Reddit's unprofitability and questions about its advertising and data-licensing businesses. The company's decision to offer up to 8% of its shares to regular users, known as Redditors, is an unusual move to reward loyal users. The listing also tested whether Reddit would become a "meme stock," and its performance may influence other private tech companies considering going public.