|Type of business:||Private|
|Founded:||June 23, 2005|
|Headquarters:||San Francisco, California, U.S.|
|Owner:||Advance Publications (majority shareholder)|
Steve Huffman (co-founder and CEO)
Jen Wong COO
Drew Vollero CFO
Christopher Slowe CTO
|Revenue:||>US$100 million (Q2 2021)|
Reddit is an American social news aggregation, web content rating, and discussion website with an estimated net worth of $13 Billion.
The company was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian, along with Aaron Swartz in 2005. Since then Condé Nast Publications acquired the site in October 2006 from its founders for some millions of dollars, still keeping Steve Huffman directly in control at the company. In 2011, Reddit then became an independent subsidiary of Condé Nast’s parent company, Advance Publications. In October 2014, Reddit raised $50 million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto. Their investment valued the company at $500 million then. In July 2017, Reddit raised $200 million for a $1.8 billion valuation, with Advance Publications remaining the majority stakeholder. In February 2019, a $300 million funding round led by Tencent brought the company’s valuation to $3 billion. In August 2021, a $700 million funding round led by Fidelity Investments raised that valuation to over $10 billion.
As of February 2021, Reddit ranks as the 18th-most-visited website in the world and 7th most-visited website in the U.S., according to Alexa Internet. About 42-49.3% of its user base comes from the United States, followed by the United Kingdom at 7.9-8.2% and Canada at 5.2-7.8%. 22 percent of U.S. adults aged 18 to 29 years, and 14 percent of U.S. adults aged 30 to 49 years, regularly use Reddit.