Reddit’s value has doubled

The value of Reddit, which caused the markets to turn upside down with the discussions in the groups within its organization, doubled.

Reddit, which has formations affecting the silver, stock and crypto money market, announced that it has collected $ 250 million in investment. The value of Reddit, which caused the markets to turn upside down with discussions in the groups within its organization, doubled to $ 6 billion.

After the previous investment round in 2019, the market value of the company was set at $ 3 billion.

It was stated that the income from the last investment tour managed by the company named Vy Capital will be used in fields such as video, advertising, consumer products and to expand to international markets.

It was also announced that the number of employees on Reddit would be doubled. The company currently employs 700 people globally.

ADVERTISING REVENUE INCREASED 90 PERCENT

The influence of investors who came together in the messaging group called WallStreetBets within Reddit, has been strongly felt in the market recently.

Small investors who came together in this group turned to the purchase of shares such as Gamestop and AMC Entertainment, causing fluctuations in the markets.

On Sunday, Reddit, which gave a five-second long advertisement between the halftime of the Super Bowl match, thanked its users by saying ‘We did this’.

Reddit used the phrase “Perhaps you are the reason for a chapter to be written in finance books” in the ad in text format. It was stated that the entire marketing budget was used for this advertisement.

Founded in 2005, Reddit has recently conducted an operation to clean up groups spreading racism and hate speech on the platform. Thus, the company’s advertising revenue increased significantly in 2020; According to the company’s statement, advertising revenue increased 90 percent in the last quarter of last year compared to a year ago.

In December, Reddit’s daily user count was announced as 52 million.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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