Reddit will raise up to $700 million in a fundraising round led by Fidelity Management, the social media network has said, cashing in on a jump in its influence in the financial world to triple its valuation to over $10 billion.
The traders, initially focused on Reddit's WallStreetBets forum but now spread across discussion boards, have changed how Wall Street analysts operate, causing major losses for some funds and powering huge gains in the shares of companies including GameStop and AMC. While Reddit has been a well-known internet name for years, attracting millions of experts and enthusiasts to its niche discussion groups, it has trailed behind other major social media sites in terms of its development as a business.Inc's $52 billion or the $1 trillion value of Facebook Inc, both founded around the same time as Reddit.
Source: News Formal (newsformal.com)
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