- The social media platform’s stock will replace AvalonBay Communities, which is being removed from the S&P 500 because of its acquisition by Equity Residential EQR, making it ineligible for the index.
- Shares of Reddit surged 15% to $182 shortly after trading opened Friday.
- Inclusion in the S&P 500 requires companies to be profitable for the prior four quarters and to meet certain market capitalization requirements.
Reddit Joins The S&P 500 Next Week—Here’s What That Means For Shares
