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Reddit

Reddit
Logo used since November 2023
Screenshot
Homepage (as of December 2023)
Type of businessPublic
Type of site
Social news
Available inMultilingual[notes 1][1]
Traded asNYSE: RDDT
FoundedJune 23, 2005 (2005-06-23)[2]
HeadquartersSan Francisco, California, U.S.
No. of locations5
Area servedWorldwide, except for Indonesia (without DNS) and China
Owners
Founder(s)
Key people
Industry
RevenueIncrease US$804 million (2023)[3]
Operating incomeNegative increase US$−140 million (2023)[3]
Net incomeNegative increase US$−90.8 million (2023)[3]
Total assetsDecrease US$1.596 billion (2023)[3]
Total equityDecrease US$−413 million (2023)[3]
Employees2,013 (December 2023)[3]
ParentReddit Inc.
URL
AdvertisingBanner ads and promoted links
CommercialYes
RegistrationOptional[notes 2]
Users73.1 million DAU (Dec 2023)[3]
Current statusActive
Written in

Reddit (/ˈrɛdɪt/) is an American social news aggregation, content rating, and forum social network. Registered users (commonly referred to as "Redditors") submit content to the site such as links, text posts, images, and videos, which are then voted up or down by other members. Posts are organized by subject into user-created boards called "communities" or "subreddits". Submissions with more upvotes appear towards the top of their subreddit and, if they receive enough upvotes, ultimately on the site's front page. Reddit administrators moderate the communities. Moderation is also conducted by community-specific moderators, who are not Reddit employees.[5] It is operated by Reddit, Inc., based in San Francisco.[6][7]

As of October 2023, Reddit is the 18th most-visited website in the world. According to data provided by Similarweb, 48.98% of the website traffic comes from the United States, followed by the United Kingdom at 7.06% and Canada at 6.9%.[6]

Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian, as well as Aaron Swartz, in 2005. Condé Nast Publications acquired the site in October 2006. In 2011, Reddit became an independent subsidiary of Condé Nast's parent company, Advance Publications.[8] 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.[9] Their investment valued the company at $500 million at the time.[10][11] In July 2017, Reddit raised $200 million for a $1.8 billion valuation, with Advance Publications remaining the majority stakeholder.[12] In February 2019, a $300 million funding round led by Tencent brought the company's valuation to $3 billion.[13] In August 2021, a $700 million funding round led by Fidelity Investments raised that valuation to over $10 billion.[14] The company then reportedly filed for an IPO in December 2021 with a valuation of $15 billion.[15][16] Reddit debuted on the stock market on the morning of March 21, 2024 with the ticker symbol RDDT.[17]

Reddit has received praise for many of its features, such as the ability to create several subreddits for niche communities,[18][19] being a platform for raising publicity for numerous causes,[20] and has grown to be one of the most visited websites on the Internet.[21] It has also received criticism for spreading misinformation.[22]


Cite error: There are <ref group=notes> tags on this page, but the references will not show without a {{reflist|group=notes}} template (see the help page).

  1. ^ "What languages is Reddit available in?". Reddit Help.
  2. ^ "Reddit on June 23-05". December 5, 2006. Retrieved August 28, 2014.
  3. ^ a b c d e f g h i j "Reddit Inc. Form S-1". U.S. Securities and Exchange Commission. February 22, 2024.
  4. ^ "Seeing the forest in the trees: two years of technology changes in one post". Reddit. January 17, 2023. Retrieved July 1, 2023.
  5. ^ Cite error: The named reference Ohlheiser was invoked but never defined (see the help page).
  6. ^ a b "Top Websites Ranking". Similarweb. Archived from the original on February 10, 2022. Retrieved December 1, 2021.
  7. ^ "Careers - Reddit". Reddit. Retrieved June 16, 2023.
  8. ^ Carr, David (September 2, 2012). "Reddit Thrives Under Hands-Off Policy of Advance Publications". The New York Times. United States. ISSN 1553-8095. OCLC 1645522. Retrieved March 22, 2019. And when it became clear that Reddit was hamstrung in competition for leadership and engineers as part of Condé Nast, the company was spun out as an operationally independent subsidiary in 2011.
  9. ^ Alden, William (October 1, 2014). "With Reddit Deal, Snoop Dogg Moonlights as a Tech Investor". The New York Times. ISSN 1553-8095. OCLC 1645522. Retrieved October 25, 2014.
  10. ^ Cheredar, Tom (September 8, 2014). "Reddit reportedly raising $50M at a $500M valuation". VentureBeat. Retrieved May 15, 2015.
  11. ^ Kafka, Peter; Swisher, Kara (September 7, 2014). "Reddit Raising a Big Round, and Some Y Combinator Players Are in the Mix". Recode. Retrieved May 15, 2015.
  12. ^ Wagner, Kurt (July 31, 2017). "Reddit raised $200 million in funding and is now valued at $1.8 billion". Recode. Retrieved August 5, 2017.
  13. ^ Saxena, Aparajita (February 11, 2019). "Reddit valued at $3 billion after raising $300 million in latest funding round". Reuters. Retrieved May 7, 2019.
  14. ^ "Reddit Secures Funding to Continue Growth Plans". Upvoted. August 12, 2021. Retrieved August 12, 2021.
  15. ^ "Reddit taps Morgan Stanley, Goldman Sachs for IPO". The Economic Times. January 8, 2022. Retrieved August 10, 2022.
  16. ^ Roof, Katie; Tse, Crystal (January 7, 2022). "Reddit Taps Morgan Stanley and Goldman Sachs for IPO". Bloomberg. Retrieved August 10, 2022.
  17. ^ "Reddit goes public today. Users are wary of what comes next". Washington Post. March 21, 2024. Retrieved March 21, 2024.
  18. ^ Cite error: The named reference Madrigal14 was invoked but never defined (see the help page).
  19. ^ Cite error: The named reference Renfro16 was invoked but never defined (see the help page).
  20. ^ Cite error: The named reference publicity was invoked but never defined (see the help page).
  21. ^ "Reddit Website Traffic, Ranking, Analytics [February 2023]". Semrush. Retrieved May 9, 2022.
  22. ^ Cite error: The named reference senate was invoked but never defined (see the help page).

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