Reddit is valued at more than $10 billion after recently raising $410 million in additional funding. Additional funding is expected to be up to $700 million. Earlier this year the company raised $250 million dollars.
Reddit relies on advertising to fuel its growth. Reddit reports $100 million in advertising revenue in the second quarter of 2021, up 192 percent compared to the same period last year.
The company has been very proactive about removing racist and controversial content within its communities, an important task as it plans to become public soon. “We are still planning on going public, but we don’t have a firm timeline there yet,” Reddit’s co-founder and CEO Steve Huffman told The New York Times in an interview. “All good companies should go public when they can.”
“We are still planning on going public, but we don’t have a firm timeline there yet,” Reddit’s co-founder and CEO Steve Huffman told The New York Times in an interview. “All good companies should go public when they can.”
Reddit has about fifty-two million daily users which is lower than the 1.85 billion daily Facebook users. There are more than 100,000 subreddits that are active. Reddit has plans to double its workforce at the end of this year which would make them have 1400 employees in total.
The company became even more popular when the subreddit “WallStreetBets” became very popular on Wall Street with Meme stocks trading like GameStop and AMC.
