Reddit Raises $300 Million At A $3 Billion Valuation

Screenshot of Reddit post

Reddit CEO Steve Huffman told CNBC news outlet that Tencent invested 150 million dollars in the latest round of fundraising, along with other investors. A report last week by technology website TechCrunch signaled Tencent's interest.

Reddit Inc. said Monday that it raised $300 million from investors.

Reddit said it planned to use the money for global expansion and to enhance its digital ad platform to better compete in a market where Facebook Inc and Alphabet Inc's Google take in most of the revenue.

News of Tencent buying into the popular social news portal, which is banned in China, prompted concerns by some users that the platform could be vulnerable to the kind of online censorship that takes place in the Asian country.

"Reddit is now funded by Chinese investors, so let's remember that President Xi Jinping is so insecure in a meme that he banned Winnie the Pooh nationwide", wrote Redditor kproxurworld, referring to China's ban on the A. A. Milne character after people claimed the character held a physical resemblance to Xi Jinping.

Ex-Manchester United boss Jose Mourinho to host Champions League TV show
Jose Mourinho has landed a new job after signing a mega-money deal to return to work for controversial Russian broadcaster RT. Many years later it changed its name to RT and now, it focuses its news on the United States.

Reddit was co-founded by Mr Alexis Ohanian, husband of tennis superstar Serena Williams.

Much of that criticism has come from Reddit users.

Reddit, which calls itself "the front page of the Internet", has estimated 330 million monthly users and was the third-most-visited website in the U.S.as of February 2018, according to Alexa Internet. But Tencent, according to Crunchbase, is an investor in 349 companies, many in the west, and there is no proof that they have ever interfered with or attempted to have a company it has invested in censor content.

Reddit is now unavailable in China, as are some of Tencent's other Western media investments: The company's investment arm holds a significant stake in Snapchat's corporate parent Snap, and owns around 40% of Epic Games.

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