Reddit is now valued at over $10 Billion
According to reports, Reddit, an online discussion forum, says it is now worth more than $10 billion after raising an extra $410 million in funding. The last round is projected to be worth up to $700 million.
According to The Verge, the company continues to expand and sanitize its business, deleting racist, misogynist, and other contentious communities as it prepares to go public.
According to Huffman, Fidelity Investments approached the company with this recent fundraising round and offered “an offer that we couldn’t reject.”
Reddit presently boasts 52 million daily users (as opposed to 1.85 billion on Facebook) and over 100,000 active subreddits. The company announced earlier this year that it wanted to quadruple its workforce to roughly 1,400 by the end of 2021.