Reddit Raises $300 Million In New Funding Round Led By Tencent 02/13/2019

Reddit Raises $300 Million At $3 Billion Valuation, With Tencent Among Backers

Tencent Holdings Ltd. has led a $300 million funding round in the US forum site Reddit Inc., following its 2017 investment in another rival Snap Inc.

Much of that criticism has come from Reddit users.

Barring the latest funding, San Francisco, California-based Reddit has raised more than $250 million in three other funding rounds.

Ironically, Reddit has been blocked in China since August (as is Google and Facebook, part of the country's "Great Firewall" of censorship).

The site boasts that, on average, more than 330 million people use it each month, contending that half of those users range in age from 18 to 24. More popular content is surfaced to the top.

Reddit has also actively worked to clean up the platform, once flooded with trolls and inappropriate content.

"Given that reddit just took a $150 million investment from a Chinese censorship powerhouse, I thought it would be nice to post this picture of "Tank Man" at Tienanmen [sic] Square before our new glorious overlords decide we can not post it anymore", wrote user FreeSpeechWarrior. Search terms such as "six four" - a reference to the date of the event 4 June and "never forget" when typed into Chinese search engines have not returned any results.

They include video of the Tiananmen Square protest and pictures comparing President Xi Jinping to the portly Winnie the Pooh.

Ever since it was founded in 2005 in Silicon Valley, Reddit is known for its online atmosphere of free speech, with user comments as its main product.

The Chinese government uses a number of technical measures to block foreign Internet companies.

Tencent and other investors are looking to help Reddit better monetize its already large user-base, but many people have claimed that this is a massive conflict of interest for the Chinese conglomerate.

Tencent operates online games and popular WeChat social media service.

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