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Reddit will join the S&P 500 next week, giving the wide-ranging online forum a boost in prestige and investments. Joining the S&P 500 is considered an achievement for a company because the index is a widely followed measure of the broader US stock market's health. A company is selected for the index based on several criteria that demonstrate stability, including market size and consistent profitability. Reddit's stock surged 12.6 per cent Friday. Aside from status, inclusion means more investments. The index tracks 500 of the biggest US stocks, and trillions of dollars in investments benchmark themselves against it. Those investments include mutual funds and exchange-traded funds. Essentially, those funds will have to buy the stock once it becomes part of the index that the fund is tracking or mimicking. Investors are depending more than ever on funds that simply mimic indexes such as the S&P 500. It's a lower-cost way to invest, allowing savers to keep more of their ...
Global online forum Reddit on Friday filed a court challenge to Australia's world-first law that bans Australian children younger than 16 from holding accounts on the world's most popular social media platforms. California-based Reddit Inc's suit filed in the High Court follows a case filed last month by Sydney-based rights group Digital Freedom Project. Both suits claim the law is unconstitutional because it infringes on Australia's implied freedom of political communication. "We believe there are more effective ways for the Australian government to accomplish our shared goal of protecting youth, and the SMMA (Social Media Minimum Age) law carries some serious privacy and political expression issues for everyone on the internet," Reddit said in a statement. "While we agree with the importance of protecting people under 16, this law has the unfortunate effect of forcing intrusive and potentially insecure verification processes on adults as well as minors, isolating teens from the .
Social media platform Reddit sued the artificial intelligence company Anthropic on Wednesday, alleging that it is illegally "scraping" the comments of Reddit users to train its chatbot Claude. Reddit claims that Anthropic has used automated bots to access Reddit's content despite being asked not to do so, and intentionally trained on the personal data of Reddit users without ever requesting their consent. Anthropic said in a statement that it disagreed with Reddit's claims "and will defend ourselves vigorously. Reddit filed the lawsuit Wednesday in California Superior Court in San Francisco, where both companies are based. AI companies should not be allowed to scrape information and content from people without clear limitations on how they can use that data, said Ben Lee, Reddit's chief legal officer, in a statement Wednesday. Reddit has previously entered licensing agreements with Google, OpenAI and other companies to enable them to train their AI systems on Reddit commentary. T