Reddit raised $250M of new funding at a reported valuation of $6B (up from $3B in 2019). The social media platform has over 50M daily active users and expects to use the new funding for a wide range of initiatives including video, advertising, consumer products, and further international expansion. The company also announced plans to double its employee base this year.
Extra: Reddit gained widespread attention last month during the historic stock price volatility of several companies including GameStop and AMC. Many of the so-called “short squeezes” were initially popularized in the Reddit forum “r/WallStreetBets.”
The New Paper
This story is from the February 9, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.
