The value of Reddit, which caused the markets to turn upside down with the 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 $ 3 billion. It was stated.
It was stated that the income obtained from the last investment tour managed by the company called Vy Capital will be used in fields such as video, advertising, consumer products and to open to international markets.
At the same time, within Reddit It has been announced that the number of employees will be doubled. The company currently employs 700 people globally.
ADVERTISING REVENUE INCREASED BY 90 PERCENT
The influence of the investors who came together in the messaging group called WallStreetBets within Reddit, was felt strongly in the market recently. p >
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 advertisement between the halftime of the Super Bowl match, said, ‘We did this. ‘.
Reddit used the expression “Perhaps you are the reason for a chapter to be written in finance books” in the ad in text format.
The expression that used the entire marketing budget for this advertisement.
Founded in 2005, Reddit recently organized an operation to clean up groups spreading racism and hate speech on the platform.
Thus, the advertising revenue of the company increased significantly in 2020; According to the company’s statement, advertising revenue increased by 90 percent in the last quarter of last year compared to a year ago.
In December, the daily number of Reddit users was announced as 52 million.