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As of February 2025, Reddit is the ninth most-visited website in the world. According to data provided by Similarweb, 51.75% of the website traffic comes from the United States, followed by Canada at 7.01%, United Kingdom at 6.97%, Australia at 3.97%, Germany at 3% and the remaining 28.37% split among other worlds countries.[7] 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.[9] 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.[10] Their investment valued the company at $500 million at the time.[11][12] In July 2017, Reddit raised $200 million for a $1.8 billion valuation; Advance Publications remained the majority stakeholder.[13] In February 2019, a $300 million funding round led by Tencent brought the company's valuation to $3 billion.[14] In August 2021, a $700 million funding round led by Fidelity Investments raised that valuation to over $10 billion.[15] The company then reportedly filed for an IPO in December 2021 with a valuation of $15 billion.[16][17] Reddit debuted on the stock market on the morning of March 21, 2024, with the ticker symbol RDDT.[18] The current market cap as of July 2024 is $10 billion.[19] Reddit has been noted for its role in political activism, with notable left-wing and anti-theist subcultures on the website.[20] Reddit has received praise for many of its features, such as the ability to create several subreddits for niche communities[21][22] and being a platform for raising publicity for numerous causes.[23] As a result, it has grown to be one of the most visited websites on the Internet.[24] It has also received criticism for the spread of misinformation and its voting system which can encourage online echo chambers.[25] In its early years, Reddit also received controversy over hosting misogynistic content, including the doxxing of erotic models and revenge with bitcoin payment processor Coinbase in February 2013.[60] Ellen Pao replaced Wong as interim CEO in 2014 and resigned in 2015 amid a user revolt over the firing of a popular Reddit employee.[61] During her tenure, Reddit initiated an anti-harassment policy,[62] banned involuntary sexualization, and banned several forums that focused on bigoted content or harassment of individuals.[63] After five years away from the company, Ohanian and Huffman returned to leadership roles at Reddit: Ohanian became the full-time executive chairman in November 2014 following Wong's resignation, while Pao's departure on July 10, 2015, led to Huffman's return as the company's chief executive.[64][65] After Huffman rejoined Reddit as CEO, he launched Reddit's iOS and Android apps, improved Reddit's mobile website, and created A/B testing infrastructure.[27] The company launched a major redesign of its website in April 2018.[66] Huffman said new users were turned off from Reddit because it had looked like a "dystopian Craigslist".[66] Reddit also instituted several technological improvements,[67] such as a new tool that allows users to hide posts, comments, and private messages from selected redditors in an attempt to curb online harassment,[68] and new content guidelines. These new content guidelines were aimed at banning content inciting violence and quarantining offensive material.[27][67] Slowe, the company's first employee, rejoined Reddit in 2017 as chief technology officer.[69] Reddit's largest round of funding came in 2017 when the company raised $200 million and was valued at $1.8 billion.[13] The funding supported Reddit's site redesign and video efforts.[13] On June 5, 2020, Ohanian resigned as a member of the board in response to the George Floyd protests and requested to be replaced "by a Black candidate".[70] Michael Seibel, then-CEO of Y Combinator, was subsequently named to the board.[71] On December 13, 2020, Reddit announced it had acquired short-form video social platform Dubsmash, hiring its entire team, with the intention of integrating its video creation tools into Reddit.[72] On March 5, 2021, Reddit announced that it had appointed Drew Vollero, who had worked at Snapchat's parent company Snap (SNAP), as its first Chief Financial Officer weeks after the site was thrust into the spotlight due to its role in the GameStop trading frenzy. Vollero's appointment spurred speculation of an initial public offering, a move that senior leaders have considered publicly.[73]
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