Reddit Hopes to Raise $748M in IPO Aimed at $6.4B Valuation

Reddit is moving ahead with its IPO and plans to raise between $682 million and $748 million on a fully diluted valuation of between $5.8 billion and $6.4 billion. Although no date has been announced, the IPO is expected to take place sometime this month. According to a Securities and Exchange Commission filing Monday, Reddit says it will offer 22 million 15.3 million Class A common shares and 6.7 million insider shares from investors including CEO Steve Huffman and COO Jen Wong. Pricing will be between $31 and $34 per share. The proposed market cap is $4.9 billion to $5.4 billion. Continue reading Reddit Hopes to Raise $748M in IPO Aimed at $6.4B Valuation

Reddit Receives New Funding and Doubles Valuation to $6B

Community-based social site Reddit raised $250+ million in a new round of funding, doubling its valuation to $6 billion from the $3 billion it was valued after a February 2019 round. Led by Vy Capital, the latest funding included Andreessen Horowitz, Sequoia Capital and Tencent Holdings, all previous investors. The social media company, launched in 2005, hosts topic-based message boards, including WallStreetBets, the message board that recently encouraged amateur investors to drive up the stock price of companies shorted by Wall Street investors. Continue reading Reddit Receives New Funding and Doubles Valuation to $6B

TikTok Now Political Forum For Youth, Tech Execs Decry App

The younger demographic that gravitates to TikTok is turning it into a political force, forming political coalitions — called hype houses — for their favored candidates, fact-checking others, posting news updates and commenting in real-time. Hype houses come in conservative, liberal, bipartisan and undecided flavors, and are amassing hundreds of thousands of followers. Reddit chief executive and co-founder Steve Huffman, however, is concerned about TikTok’s privacy policies, calling the app “fundamentally parasitic.” Continue reading TikTok Now Political Forum For Youth, Tech Execs Decry App

New Reddit CEO Faces Angry Site Users and Low Staff Morale

In the wake of Ellen Pao’s resignation as Reddit’s interim chief executive, co-founder Steve Huffman was brought in by the company’s board to take her place. Pao left after eight months in the wake of a mishandled firing of a popular employee, which triggered protests by hundreds of thousands of the site’s 160 million monthly visitors. Since Huffman left the day-to-day operations of Reddit in 2009, three years after its sale to Advance Publications, he founded online travel site Hipmunk where he will remain as CTO. Continue reading New Reddit CEO Faces Angry Site Users and Low Staff Morale

Reddit Chief Promises Better Communication with Community

In the wake of the abrupt dismissal of Reddit employee Victoria Taylor, CEO Ellen Pao apologized to the site’s disgruntled users, acknowledging a history that goes back several years of broken promises and poor communication. But apologies by Pao and co-founder/executive chairman Alexis Ohanian haven’t yet mollified users, who are circulating an online petition demanding Pao’s termination. The 10-year old San Francisco-based company has 70 to 80 employees but relies on its power users to govern the site. Continue reading Reddit Chief Promises Better Communication with Community