Reddit, a social news and entertainment website, is once again rumoured to be raising money, after the idea of selling off some parts of the company was buried earlier in 2011.
A couple of years ago, it was reported that Condé Nast, which acquired Reddit in 2006, had been planning on selling some shares valuing around $200 million. However, that did not happen and the company’s operations continued the way they had been, though change of faces was observed.
Last year, Yishan Wong, former Facebook engineering director, was appointed as chief executive at Reddit that had already been given the status of an independent entity by Condé Nast, while the latter kept full ownership.
The decision to run Reddit as a separate entity was a major reason behind forcing Reddit’s resurgence, and that was why it was able to attract people like Yishan Wong to take care of their operations and once again take the project on the road to success.
The motto Yishan Wong brought to the company was “to manage its own finances and operations, including the ability to provide competitive equity compensation to its employees, which [it hasn’t] been able to do in the past.”
Although the recent development is just limited to the rumours and no confirmation whatsoever has yet been made, it looks as if the company has gained stability during the last couple of years. The new rumours claim that Reddit is now raising money and its valuation has doubled to around $400 million.
If these reports are true, it could be a lucrative investment for those who are interested as Reddit’s market has reportedly jumped up during the last two years that have seen the number of users increasing significantly.
Source: Techchrunch
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