Reddit shares close nearly 50% higher on their debut

Shares of social media platform Reddit closed nearly 50% higher on their stock market debut with the company's market capitalisation reaching about $9.5 billion. Reddit shares closed at $50.44 on Thursday, up 48.35% from their IPO price of $34. "The process of becoming a public company has made us so much better...We're shipping better products, faster," CEO Steve Huffman said.