IPO-bound Reddit discloses patent infringement complaint from Nokia

:Reddit is evaluating a letter from Nokia Technologies alleging it infringed a few of the telecom and cloud community agency’s patents, the social media platform said on Tuesday, sooner than its excessive-profile preliminary public offering (IPO) later this week.

The disclosure follows an inquiry by the Federal Alternate Charge centered on Reddit’s sale, licensing and sharing of particular person-generated grunt material with third parties to mutter synthetic intelligence fashions.

“As we face rising competition and develop into more and more excessive profile, the possible for receiving more mental property claims in opposition to us grows,” Reddit warned in its inform.

Nokia did not instantly respond to a request for inform.

Reddit, which has been concerned with patent infringement litigation prior to now, is targeting a valuation of up to $6.5 billion for its IPO in a single in every of potentially the most-anticipated half sales as of late.

The IPO is between four and 5 occasions oversubscribed, Reuters reported on Sunday, making it more at likelihood of attain the target valuation. It is expected to debut on the Unique York Stock Alternate on March 21.

Reddit’s 100,000 online forums, dubbed “subreddits,” are identified for the “meme-stock” saga of 2021 when retail merchants collaborated on its “wallstreetbets” discussion board to amass shares of highly shorted companies resembling online recreation retailer GameStop.

To tap into its recognition amongst retail merchants, the corporate has reserved 8 per cent of the overall shares on provide for eligible users and moderators on its platform, clear board members and chums and household members of its employees and directors.