Benzinga | Mar 5, 2021 11:39AM EST

Reddit Ropes In Former Snap Executive Drew Vollero As Finance Chief: Reuters

* Social media platform Reddit, noted for the recent retail stock trading frenzy from 'WallStreetBets' forum, named former Snap Inc (NYSE: SNAP) executive Drew Vollero as its first CFO, Reuters reports.

* Vollero's appointment is well-timed with rising expectations of Reddit's IPO, who guided Snap's transition to a public company as the first finance chief.

* Reddit reported a 90% surge in advertising revenue during the fourth quarter, as the daily active users jumped over 52 million.

* The company's popular WallStreetBets forum has contributed to the recent rally in many shorted stocks like GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), and multiple other mid-sized and previously unpopular companies.

* Reddit's value doubled to $6 billion in February, as it raised more money to handle new subscribers.

* Vollero, who has also represented toymaker Mattel Inc (NASDAQ: MAT), will lead Reddit's finance team starting later this month and report to COO Jen Wong.