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Chinese Company Tencent Buys a 5% Stake in Reddit

posted by martyb on Tuesday February 12 2019, @06:05AM   Printer-friendly
from the all-your-website-are-belong-to-us dept.

stretch611 writes:

According to Reuters and Motley Fool:

Social media network Reddit Inc said on Monday it raised $300 million in its latest funding round, led by Tencent Holdings Ltd, giving it a market valuation of $3 billion.
The series D funding round saw a $150 million investment from Tencent and the company's former investors, including Sequoia, Fidelity, Tacit and Snoop Dogg.

This is in spite of Reddit being banned in China, (AU website, so the financial numbers are converted.)

It should be noted that Tencent also holds large financial stakes in Snap, Epic Games, Discord, Glu Mobile, Activision-Blizzard, and Tesla.

Of course here is one of the soon to be many Chinese based conspiracy theories (about internet censorship.)

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  • (Score: 2) by DeathMonkey on Tuesday February 12 2019, @06:34PM (2 children)

    by DeathMonkey (1380) on Tuesday February 12 2019, @06:34PM (#800220) Journal

    My guess is they're trying to get into video hosting.

    This is from the last round of fundraising. [cnbc.com]

    The new funding round, the company's largest ever, should expedite a number of internal product and business efforts, including a redesign of its homepage and its first foray into user-uploaded video, Huffman added in an interview with Recode.

    They finished the site redesign already.

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  • (Score: 0) by Anonymous Coward on Wednesday February 13 2019, @03:05AM (1 child)

    by Anonymous Coward on Wednesday February 13 2019, @03:05AM (#800463)

    This is it for reddit.

    The redesign is already harder to use. User uploaded video sites are always cesspools. I used to have a youtube plugin to replace the comments with any reddit discussions about the video.
    I have to admit reddit is likely to make lots of good viral videos right before it bites the big one.