Although a hefty sum, the $10bn valuation pales in comparison to Twitter’s $52bn or the $1-trillion value of Facebook
Bengaluru — Reddit will raise up to $700m in a fundraising round led by Fidelity Management, the social media network said on Thursday, cashing in on a jump in its influence in the financial world to triple its valuation to over $10bn.
The traders, initially focused on Reddit's WallStreetBets forum but now spread across discussion boards, have changed how Wall Street analysts operate, causing major losses for some funds and powering huge gains in the shares of companies including GameStop and AMC. The San Francisco-based company was founded in 2005 by CEO Steve Huffman, entrepreneur Alexis Ohanian and the late Internet activist Aaron Swartz.
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