January 27, 2021
Reddit emerged in 2005 when two university friends, Steve Huffman and Alexis Ohanyan, raised $100,000 from Y Combinator. In the same year, they gave editors the opportunity to leave comments on the website, a feature that will later become the defining aspect of Reddit. The next year, media company Conde Nast Publications bought Reddit for $10 million. Both Hoffman and Ohanyan later admitted that the decision to sell the company at the time was a mistake, and they underestimated the prospects of their startup. The mistake is the right word: in 2020, during the next round of funding, Reddit was estimated at $3 billion.
The name Reddit is deciphered as a derivative of read and edit, as well as a play on words "I read it".
The year turned out to be quite eventful:
Peter Tiel, Jared Leto, Snoop Dogg and Yishan Wong also took part in the funding round.
At this stage, Reddit planned to create its own cryptocurrency
The cheapest reward
The most expensive reward