Social news site Reddit financing $50 million

[Abstract] the financing by the business incubator Y Combinator CEO Sam · Altman led.  



technology news in October 1st, according to U.S. technology blog Re/code reported that the social news site Reddit has raised about $50 million in financing, and that many of its details are consistent with the blog reported earlier this month.


Re/code said at the same time, a new information related to the financing transactions, the financing is a business incubator Y Combinator CEO Sam · Altman (Sam Altman) led, and he plans to share it with other investors to buy 10% stake and Reddit users. Altman will be how to implement this plan is still unknown, it is unclear whether bankers and lawyers will approve the plan, but Altman said, Reddit is likely to distribute the stock using a distributed accounting system,


is not the majority of funds in the $50 million financing deal, he is the investor of the deal and has set specific terms. Other institutional investors including Anderson Horowitz Fund (Andreessen Horowitz) and Sequoia Capital, individual investors including Peter · (Peter, Thiel); Theil Ron · Kang Wei (Ron Conway), Paul · Buchheit (Paul Buchheit), Jared · Leto (Jared Leto), Jessica Livingston (Jessica · Livingston Kevin, Hatz (·); Kevin Hartz) and Reddit CEO Huang Yishan (Yishan Wong) et al.

American publisher Conde Nast parent company Advance acquired and split the Reddit, and the company is still in the Reddit board of directors to retain a seat. According to one source, Advance still holds more than half of the shares of Reddit. At the same time, he said it would be with any of the shares held by him to transfer any voting rights to Reddit’s management team. He said: "the community has always been creating value, but almost did not bring their own value."

for this financing transaction, Reddit itself is not very seriously. "This investment does not mean that we are rich or successful," he said. A few days after the completion of the financing, Sam came to our office, personally handed me a 100 trillion yuan of Zimbabwe, (Note: Zimbabwe has been due to hyperinflation)