Huffman went on to co-found Hipmunk with Adam Goldstein, and later recruited Ohanian and Slowe to the new company. In January 2007, Swartz was fired for undisclosed reasons. In November 2006, Swartz blogged complaining about the new corporate environment, criticizing its level of productivity. Huffman and Ohanian sold Reddit to Condé Nast Publications, owner of Wired, on October 31, 2006, for a reported $10 million to $20 million and the team moved to San Francisco. Ohanian later wrote that instead of labeling Swartz as a co-founder, the correct description is that Swartz's company was acquired by Reddit 6 months after he and Huffman had started. Between November 2005 and January 2006, Reddit merged with Aaron Swartz's company Infogami, and Swartz became an equal owner of the resulting parent company, Not A Bug. The team expanded to include Christopher Slowe in November 2005. Embarrassed by an empty-looking site, the founders created hundreds of fake users for their posts to make it look more populated, an example of a fake it till you make it strategy. Supported by the funding from Y Combinator, Huffman coded the site in Common Lisp and together with Ohanian launched Reddit in June 2005. For this idea, Huffman and Ohanian were accepted in Y Combinator's first class. During a brainstorming session to pitch another startup, the idea was created for what Graham called the 'front page of the Internet'. Their initial idea, My Mobile Menu, was unsuccessful, and was intended to allow users to order food by SMS text messaging. After speaking with Huffman and Ohanian following the lecture, Graham invited the two to apply to his startup incubator Y Combinator. The idea and initial development of Reddit originated with college roommates Steve Huffman and Alexis Ohanian in 2005, who attended a lecture by programmer-entrepreneur Paul Graham in Boston, Massachusetts, during their spring break from University of Virginia. Co-founder Alexis Ohanian speaking in 2009 Reddit's headquarters in the Mid-Market neighborhood of San Francisco Historyįor a chronological guide, see Timeline of Reddit. Reddit has drawn negative attention for its propensity to spread potentially dangerous misinformation. Reddit has received praise for many of its features, such as the ability to create several subreddits for niche communities, being a platform for raising publicity for numerous causes, and has grown to be one of the most visited websites on the Internet. The company then reportedly filed for an IPO in December 2021 with a valuation of $15 billion. In August 2021, a $700 million funding round led by Fidelity Investments raised that valuation to over $10 billion. In February 2019, a $300 million funding round led by Tencent brought the company's valuation to $3 billion. In July 2017, Reddit raised $200 million for a $1.8 billion valuation, with Advance Publications remaining the majority stakeholder. Their investment valued the company at $500 million at the time. 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. In 2011, Reddit became an independent subsidiary of Condé Nast's parent company, Advance Publications. Condé Nast Publications acquired the site in October 2006. Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian, with Aaron Swartz, in 2005. adults aged 30 to 49 years, regularly use Reddit.

adults aged 18 to 29 years, and 14 percent of U.S. About 42–49.3% of its user base comes from the United States, followed by the United Kingdom at 7.9–8.2% and Canada at 5.2–7.8%. Īs of February 2023, Reddit ranks as the 10th- most-visited website in the world and 6th most-visited website in the U.S., according to Semrush. It is operated by Reddit Inc., based in San Francisco. Moderation is also conducted by community-specific moderators, who are not Reddit employees. Reddit administrators moderate the communities. Submissions with more upvotes appear towards the top of their subreddit and, if they receive enough upvotes, ultimately on the site's front page. Posts are organized by subject into user-created boards called 'communities' or 'subreddits'. 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 by other members. Reddit ( / ˈ r ɛ d ɪ t/) is an American social news aggregation, content rating, and discussion website.

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