June 16, 2021

How Reddit became the talk of the internet by raising $250 Million

Picture Credits: Getty Images

BRAZIL - 2019/06/28: In this photo illustration the Reddit logo is seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

Reddit is a San Francisco based site built on powerful and active community members. On Monday Reddit announced that it has raised $250 million in new funding, valuing the social news start-up at $6 billion as it aims to turbocharge user growth and double its work force. In recent days Reddit has been highly visible. Last month as shares of video-game retailer GameStop soared as users of Reddit’s WallstreetBets forum, which is known as “subreddit”, egged one another on to buy the stock, partly entrap hedge funds that had bet stock would fall.

Reddit has also done some amazing ad campaigns which have attracted a lot attention like a five second commercial that aired during Super Bowl Sunday. The ad became one of the most talked about as viewers paused their television screen to read it, proclaimed “Wow, this actually worked”. Viewers scrambled to grab screenshots of one of the shortest-ever Super Bowl ads to post to social media.

Reddit has had it’s share of controversies over the years as well as the company was criticized for its laissez faire approach to content moderation which allowed racist, sexist and troll filled communities to flourish. According to Reddit it was free and unfettered speech which why they refused to remove sub forums dedicated to racist commentary.

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