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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.)

Original Submission

 
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  • (Score: 1, Insightful) by Anonymous Coward on Tuesday February 12 2019, @06:53PM

    by Anonymous Coward on Tuesday February 12 2019, @06:53PM (#800235)

    "Oh, bother."

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