January 27, 2021
Julia Danylenko
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
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