Reddit doubled its valuation to $6 billion after raising more than $250 million, according to CNBC. The funding allows the company to make strategic investments in video, advertising, consumer products and expand into international markets.
- Reddit had a strong year as its advertising revenue rose 90% in the last quarter from a year earlier and currently has more than 50 million daily active users.
- The company was at the center of the recent retail trading frenzy involving GameStop and AMC Entertainment as amateur investors on the platform bid up the heavily shorted stocks.
- Reddit’s WallStreetBets on heavily shorted stocks caught the attention of regulators who called for a crackdown on Wall Street.
Reddit was valued at $3 billion following a funding round in February 2019.
