(Reuters) – Reddit, the social media platform at the heart of the recent retail stock trading frenzy, said on Friday it had appointed Drew Vollero as its first chief financial officer.
Vollero, who served as Snap Inc’s first CFO and was a former executive of Mattel Inc, will lead Reddit’s finance team starting later this month and will report to Jen Wong, the company’s chief operating officer.
The company has been in the spotlight for its day-trading forum where individual traders recently triggered a rally in many shorted stocks, including GameStop and AMC.
Reddit also said on Friday it saw a 90% increase in advertising revenue during the fourth quarter, and daily active users grew to more than 52 million.
The appointment comes as the company is considering an IPO, the New York Times reported, citing Reddit’s Chief Executive Officer Steve Huffman.
Reporting by Akanksha Rana in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila