Reddit (/ˈrɛdɪt/ ) is an American social news aggregation, content rating, and forum social network. Registered users (commonly referred to as "Redditors") submit content to the site such as links, text posts, images, and videos, which are then voted up or down ("upvoted" or "downvoted") by other members. Posts are organized by subject into user-created boards called "subreddits". Submissions with more upvotes appear towards the top of their subreddit and, if they receive enough upvotes, ultimately on the site's front page. Reddit administrators moderate the communities. Moderation is also conducted by community-specific moderators, who are unpaid volunteers.[5] It is operated by Reddit, Inc., based in San Francisco.[6][7]
As of August 2024, Reddit is the 9th 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 the United Kingdom at 7.15% and Canada at 7.09%.[6]
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.[8] 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.[9] Their investment valued the company at $500 million at the time.[10][11] In July 2017, Reddit raised $200 million for a $1.8 billion valuation; Advance Publications remained the majority stakeholder.[12] In February 2019, a $300 million funding round led by Tencent brought the company's valuation to $3 billion.[13] In August 2021, a $700 million funding round led by Fidelity Investments raised that valuation to over $10 billion.[14] The company then reportedly filed for an IPO in December 2021 with a valuation of $15 billion.[15][16] Reddit debuted on the stock market on the morning of March 21, 2024, with the ticker symbol RDDT.[17] The current—July 2024—market cap is $10 billion.[18]
Reddit has received praise for many of its features, such as the ability to create several subreddits for niche communities,[19][20] being a platform for raising publicity for numerous causes,[21] and has grown to be one of the most visited websites on the Internet.[22] It has also received criticism for spreading misinformation.[23]
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