Reddit Value Hits $6 Billion After Users Fueled a Stock Frenzy
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Reddit Inc. said it raised $250 million from private investors, riding a wave of attention after users of the social media website drove a stock market frenzy.
Terms of the funding, led by Vy Capital, push the company’s valuation to $6 billion, a spokeswoman said. Reddit intends to spend the cash to develop its advertising business, expand internationally and add video tools, the company said in a statement. The deal was reported earlier by the Wall Street Journal.