Reddit Raises $300 Million In New Funding Round Led By Tencent 02/13/2019

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.

While Reddit is not now available in China, Tencent will have noticed the emergence of Bytedance - the company behind news aggregator Toutiao and short video platform Tik Tok - as a new rival on China's tech scene. Reddit is ranked among the most visited U.S. websites, and has more than 138,000 "communities" for discussions on various topics.

Some media later suggested that the investment created "a great deal of confusion", as Reddit is now blocked in China.

Over the years it has become the fifth largest social website, ranking after Google, YouTube, Facebook and Amazon, with monthly active users of 330 million.

Steve Huffman, Reddit's co-founder and CEO, told CNBC that Tencent's investments in video games - a popular content category on Reddit - is part of what brought the companies together.

To protest the move and express fears of free speech challenges on the site, Reddit users posted images which are banned in China, including the iconic Tank Man images from the Tiananmen Square massacre and pictures of Winnie the Pooh.

Users also often photos of Winnie The Pooh to poke fun of Chinese President Xi Jinping's appearance.

Reddit is not the first USA social media platform to court investment from Tencent. The government's internet censorship regime uses a series of technical measures to block foreign platforms and controversial content. "Tencent has invested in hundreds of companies and there's been little involvement or interest from China's state apparatus", said Reynolds via BBC.

Tencent owns the all-in-one messaging app WeChat and is considered as one of the biggest gaming company in the world thanks to the ownership of the popular "League of Legends".

Related News:

  • Singer Ryan Adams hits back over claims of sexual misconduct

    Singer Ryan Adams hits back over claims of sexual misconduct

    Butterworth has said Adams harassed her with hundreds of text messages, phone calls and emails after she broke up with him. The allegations involve Adams using his industry clout to pressure the women into uncomfortable situations.
    Apple sales tumble in China as smartphone market shrinks

    Apple sales tumble in China as smartphone market shrinks

    While Apple's share of the Middle Kingdom's smartphone dropped, sales of devices from rival Huawei Technologies Co. Apple's October-December shipments suffered a almost 20-percent decline from the same period in the previous year.
    Controversial Buzzer-Beater Enables #19 LSU To Upend #5 Kentucky

    Controversial Buzzer-Beater Enables #19 LSU To Upend #5 Kentucky

    To be honest with you, I actually agree with Steratore on this one, but I also don't care because I love watching Kentucky lose. With the game tied after Keldon Johnson made two free throws with 6 seconds left, Skylar Mays drove the length of the court.
  • Head of FEMA resigning, questioned over use of vehicles

    Head of FEMA resigning, questioned over use of vehicles

    Long's improper use of government resources for personal travel fit a pattern among senior Trump administration officials. The development intensifies pressure on Long to step down and comes as he leads FEMA's response to Hurricane Florence.
    Arsene Wenger reveals why Jadon Sancho 'disappeared' in Tottenham defeat

    Arsene Wenger reveals why Jadon Sancho 'disappeared' in Tottenham defeat

    Sancho has had a stunning first full season in the first team at Borussia Dortmund . And after that we tried but played a bit too hastily".
    Browns sign Hunt to one-year deal

    Browns sign Hunt to one-year deal

    In fact, Quinn made several strong comments about his ideal view of the type of players he wants to sign in Detroit. Dorsey acknowledged that the Browns will take a PR hit for the signing, but it clearly isn't affecting business.
  • Michael Owen reveals his prediction for Ajax v Real Madrid

    Michael Owen reveals his prediction for Ajax v Real Madrid

    Santiago Solari has hailed Sergio Ramos ahead of the Real Madrid captain making his 600th appearance for the club. Ajax scored against Real Madrid just before the break but the goal was overturned through VAR.
    Mars Opportunity Rover Mission is Complete

    Mars Opportunity Rover Mission is Complete

    The storm was so intense that it darkened the sky for months, preventing sunlight from reaching the rover's solar panels. In November 2018 NASA announced that it has selected the location where its Mars 2020 rover will land on the Red Planet.

    First Trailer for Danny Boyle's Beatles-Inspired Musical Comedy 'Yesterday'

    This looks as amusing and enjoyable as I hoped, and I can't wait to see it. John Lennon was shot dead in 1980, while George Harrison died in 2001.
  • Westbrook, PG Etch Names In Triple-Double History

    Westbrook, PG Etch Names In Triple-Double History

    During Westbrook's streak, the Thunder are 9-1, and he is averaging 19.7 points, 13.2 rebounds and 13.8 assists per game. Go out and compete every night and leave it on the floor, and whatever happens, happens.
    Texas couple jailed after children found neglected

    Texas couple jailed after children found neglected

    Akin said the suspects, who have not been identified, are facing four counts each of endangering a child. A fight between the two is what brought deputies to the rural home, and the man had cuts to his face.
    Morgan Stanley's offer for Solium Capital is fair, Haywood says

    Morgan Stanley's offer for Solium Capital is fair, Haywood says

    Morgan Stanley agreed to buy Solium Capital Inc .in a bid to add younger clients and tech startups to its stock-plan administration business.


Most liked

Verstappen insists high expectations of Honda are realistic
But it is understood that the former world champions will revert to their normal colours in time for the season-opening race in Melbourne on March 17.

Ford announces three recalls, one of which covers 1.5 million pickup trucks
The recall affects 1.26 million vehicles in the United States and federalized territories and approximately 221,000 in Canada. Owners of the affected vehicles are advised to contact their dealer to have the powertrain control module software updated.

Spike Lee casts Chadwick Boseman in first film since Blakkklansman
Leading the film will be Black Panther star Chadwick Boseman , along with Delroy Lindo and Jean Reno . He can next be seen in the STX thriller " 17 Bridges ", bowing this summer.

China's technology for space debris clean-up could be a cover, Pentagon warns
Space's role in commercial and civilian applications is growing, and it is absolutely vital to employing the USA military, DIA officials noted.

Ex-'American Idol' contestant transported fentanyl, cocaine, heroin, according to indictment
A New Jersey native, Barba was an American Idol hopeful in the same season that saw Jordin Sparks crowned the eventual victor . The group allegedly stored the drugs in a Norfolk apartment, and the documents list several drug deals occurring in late 2018.

Leonardo DiCaprio and Martin Scorsese bringing serial killer project to TV
Holmes (real name Herman Webster Mudgett), a doctor who committed heinous crimes just blocks from the massive fair grounds. And, for nearly as long, there have been rumors that Leonardo DiCaprio was keen to produce and star in a film about H.H.

Here’s the LG G8 ThinQ in all its leaked glory
The screen is slightly curved at the edges, but this isn't similar to Samsung's Edge, and the side bezels are noticeable too. There's a wide notch at the top of the screen similar to the one on the G7 ThinQ, an audio jack and a sizeable bottom chin.

‘Spyro Reignited Trilogy’ Nintendo Switch Release Possibly Leaked in GameStop Posting
However, the post has since been taken down, but not before fans took plenty of screenshots of the supposed flub. Nintendo's hand-held console has been rumored to be acquiring the classic purple dragon Spyro .

Woman who threw chair from high-rise balcony surrenders to police
The chairs reportedly landed near the building's front entrance and there were no reports of injuries. This is irresponsible behavior that is unacceptable, ' Toronto mayor, John Tory said.

Boxing Fans Furious With Eddie Hearn After Anthony Joshua Fight Announcement
Its dog eat dog in the ring and this dog has got a bigger bite, he'll be leaving NY empty-handed. A fight against either Amanda Serrano or Cecilia Braekhus would create a huge stir.

Rapper 21 Savage released from immigration custody
Savage is nominated for two awards tonight, including Record of the Year for " Rockstar ", his collaboration with Post Malone . He remained in the United States until 2005, when he departed for approximately one month to visit the United Kingdom.

Company that advertised one-way trips to Mars goes bankrupt
A Swiss court declared the commercial division of the Mars One project, the goal of which is to colonize planet Mars , bankrupt. Matter likewise discovered that Mars One's process for choosing these candidates was questionable.

Calls to ban app that allows 'control of women' in Saudi Arabia
Human Rights Watch's Rothna Begum told INSIDER: "Apple and Google have rules against apps that facilitate threats and harassment. This is another example of how the Saudi Arabian government has produced tools to limit women's freedoms.

Dortmund's flight delayed as Jadon Sancho forgets his passport
Dortmund have arrived in England and will train at Wembley on Tuesday before the first leg of the last-16 tie. England worldwide Sancho forgot his passport and was not allowed on the plane with his teammates.

'Screen women for breast cancer every year from 35'
The researchers analyzed that if 35-39 years of old women undergo annual mammograms, then breast cancer could be detected earlier. In its response, NHS England spokesperson assured to consider the possible changes to the screening programme in the review.