Reddit’s value is over $10 billion now and it is now even a public company yet.
Reddit shared a blog and broke the news that Reddit is now worth more than $10 billion. “The front page of the internet,“ raised $410 million funds and is expected to be $700 million. Reddit is removing some misogynistic and racist communities because Reddit planned to go public in the future.
While talking to The New York Times, CEO Steve Huffman said: “We are still planning on going public, but we don’t have a firm timeline there yet. All good companies should go public when they can.”
Earlier this year, Reddit raised $250 million in funds and had worth about $6 billion. Reddit generates major revenue from advertising. Although, Reddit is not as big as Facebook or Google its business is increasing quickly. Reddit said they made $100 million only from advertising in the Q2 of 2021 and a whopping 192% more than the same period in last year. But, Google, made $61.9 billion in the same period, though.
Reddit has 52 million daily users and 100,000 active subreddits. Reddit further said they are planning to increase staff count to double, around 1400.
CEO Huffman further said the company is working to make the app easy and convenient for new users.
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