|Headquarters Regions:||San Francisco, California, United States|
|Founded Date:||23 June 2005|
|Founders:||Steve Huffman, Aaron Swartz, Alexis Ohanian|
|Number of Employees:||700+|
|Area served:||United States of America and world|
|Products of Company:||social news aggregation, web content rating, and discussion website|
|Net Worth in 2023:||$2 billion|
Reddit is an American based social news aggregation, web content rating website which is very popular in the western part of the world. It is a widespread conversation website where countless registered and well-known members lead content to this site comprising-posts, links, and images, which are ranked through votes by the members. The company is an owner of 52 million monthly visitors and standing at the 4th most visited website in U.S. and 9th most visited in the world. It was one of the most cherished web pages till 2017.
Well, how well do you know about Reddit? If not much, we have compiled all you need to know about Reddit’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about Reddit to date.
Reddit was found in the year 2005 in the city of Medford, located in Massachusetts, by Alexis Ohanian and Steve Huffman; both were acknowledged as alumni of the renowned University of Virginia. In 2005, the group was industrialized comprising-Christopher Slowe. From late 2005 to early 2006, the website was shared with Aaron Swartz’s company, christened as Infogami.
Eventually, he became an equal administrator of the combined company entitled as- “Not A Bug.” In 2006, Conde Nast Publication was called the proprietor of Wired, which was owned by Reddit. The company was migrated to San Francisco, and in the following year, Swartz was rusticated.
The Reddit site is a fantastic group of entries sent by its recorded users. The idea and starting development of the Reddit franchise was originated in 2005 by Steve Huffman and Alexis Ohanian, who are college roommates. They attended a lecture during the spring break in Boston by Paul Graham, who is an entrepreneur.
Layer Paul invited them to apply to his startup incubator Y Combinator. During another session, the idea was created by Graham, which was called Front Page of the Internet, in which both of them were accepted in Y Combinator’s first class.
Huffman, along with Ohanian, launched Reddit in the year 2005, in which Huffman coded the site in Common Lisp and was funded by the Y Combinator. Later during the gap between November 2005 and January 2006, Reddit collaborated with Aaron Swartz’s corporation Infogami. Afterward, Ohanian wrote that instead of highlighting Aaron as co-founder, he revealed the correct description that Reddit acquired Aaron’s corporation.
On 31st October 2001, Reddit was sold out to Conde Nast Publications, owner of wired by Huffman and Ohanian, for a reported $10 million to $20 million. Later in 2006, Swartz blogged complaining about the new environment, and in 2007, he was fired for some unknown reasons.
Huffman and Ohanian, who were the sole members of Reddit, left the company in 2009. Huffman, along with Adam Goldstein, co-founded Hipmunk and recruited Slowe and Ohanian in his new corporation.
After the Huffman and Ohanian, Erik Martin played a vital role in the growth and development of Reddit. He joined Reddit in 2008 as a community manager and got promoted to general manager in the year 2011.
In the year 2009, Reddit launched two unique ways of advertising, sponsored content and self-serve ads platform. In July 2010, the company launched a program named “Reddit Gold Benefits,” which offers new features to editors and established a new stream for the business. Reddit finally became an independent subsidiary of its parent company named “Advance Publications” in September 2011.
In 2012, Reddit participated in a 12-hour sitewide blackout with other websites for protesting against Stop Online Privacy Act. In 2012, Yishan Wong joined Reddit as CEO and served the company for two years and increased the user base to 174 million from 35 million and increased $50 million in funding. He resigned in 2014 due to a stressful and draining position.
After staying five years from Reddit, Huffman and Ohanian rejoined the company as a CEO and executive chairman respectively in 2014, and the company was going at a good pace. In 2020, Ohanian resigned from his position in response to George Floyd’s protest and requested to hire a black candidate to fill his vacant position.
Awards & Achievements
Reddit is a well-known franchise and is appreciated with several decorations. Reddit was privileged to receive honor with Lead 411’s “2010 Hottest San Francisco Companies” list in the year 2010. In 2015, the enterprise was privileged with 82.54 billion page views and 725.85 million comments. This shows the rising popularity that the company was receiving all in the virtue of their deep hard work and increasing dedication.
The company was the proud holder with submissions of 73.15 million and 6.89 billion upvotes. In the year 2017, the enterprise controlled 542 million monthly visitors, which is an outstanding achievement for it. The company has achieved the honor of the 4th most visited website in the U.S. and 9th in the world, which is fantastic.
Net Worth & Earnings of Reddit in 2023
Reddit has an estimated net worth of nearly $2 billion as of June 2023, which is extraordinary for any online company. The company has earned much of its wealth through its intelligent work as a social news aggregation, web content rating, and a popular discussion website.
Reddit has invested around $200 Million in new venture funding and has assessed in billions as stated by Steve Huffman, the CEO. The company also urges its wealth by Silicon Valley stockholders, which also comprises firms such as Andreesen Horowitz and Sequoia Capital and some alone investors-Y Combinator President entitled as Sam Altman and SV Angel’s Ron Conway.
Reddit is one of the most popular, well-cherished, and insightful discussion websites presently. This website is accepted by millions of people for its open nature and diversity among the community, enabling it to create the best and great content. The diversity enables it to widen its content to all subjects’ areas, significant subreddits. This allows them to reach wider attention supporting greater forte purpose.