Most everyone is familiar with Reddit, and the fact that the social news website is owned by Conde Nast. This is not a site that works like other news sites. Reddit actually bases their news stories on what their users and fans consider important, interesting and worthwhile. The general public gets to vote stories up or down, which is how the site displays news stories for their community. The site just raised a total of $50MM in a second round of funding, and some of the investors are people that might just surprise many people.
Before we get into the investors of this fundraiser, we have to ask: What is the funding Reddit raised being used for? It’s a great question and it’s one that many people are asking. The rumor is that the company is being bought out, but it’s not like that. According to the CEO of Reddit, this is investment. What this means is that the $50 million raised by the company from big-time investors is being used to improve the site, make it better and still maintain its current stance and reputation.
So who are the big spenders who are investing in this company? Only one of the most famous rappers in the world; Snoop Dogg. He was one of 13 investors to put up the $50 million Reddit has raised. Snoop has been one of the country’s most famous rappers for the past few decades, and he’s been known to invest in companies he believes in. Additionally, Academy Award-winning actor Jared Leto also joined the group of 13 investors to provide funding to Reddit. This investment makes two that Snoop Dogg has made in companies using this system, and it’s the ninth investment made by Leto in a company that needs funding to help improve its business practices.
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