Reddit is now a global community where people from all over have joined in and shared their hobbies and interests. It has become hugely popular and has millions of users. So, read the article Who owns Reddit and learn more about how the platform came into being.
Who Owns Reddit?
Reddit was introduced in the social media fraternity quite suddenly. One fine day, the company’s owners, Huffman and Ohanian, sold the company. The founders then sold Reddit to Condé Nast for $10M within a year after its launch in 2006. Ohanian and Huffman were present in the company for a few years, even after the acquisition. Later, both of them got involved in other projects. But neither of them disappeared for a long time. Condé Nast owned Reddit until 2011, when Reddit became an “independent subsidiary” of Advance Publications, which owns Condé Nast, among its other companies. Also, read How To Change Reddit Username On iPhone, Android, & Browser (2022)
The Founders of Reddit
In 2005 Steve Huffman and Alexis Ohanian met at the University of Virginia. They were tech-savvy, young, and promising entrepreneurs who had developed an idea for a business, brought it to a startup accelerator, and named it Y Combinator. They wanted to develop a mobile app for ordering food called “My Mobile Menu.” But unfortunately, the business idea got rejected. Fortunately, something about the duo stuck with the higher authority at the Y Combinator, who invited them to work on another promising project. Paul Graham and Jessica Livingston wanted the team to create “the front page of the internet.” Apart from there, Christopher Slowe and Aaron Swartz were on board. Also, read How to See Hidden Posts on Reddit? An Easy Guide
Introduction of Reddit
In 2014, Yishan Wong was the CEO of Reddit. Wong and Ohanian stepped up; they returned to the company as Executive Chairman. Ohanian later stated that while Reddit’s user base grew, no significant changes had been made since he left. There was still a need for a CEO and they knew the perfect person for this job. In 2015, Huffman was the CEO of Reddit and had loads of work to do. In 2017 he commented on implementing updated mobile apps and sites and brought in several improvements for content moderation and user safety. In 2018 Reddit brought video sharing and the first-ever major redesign of a desktop site. Over the last few years, the company has been busy building out its C-suite and expanding with more offices around the globe to reach out to more users than before. Like other major social media companies, Reddit played a significant role in global, national, and similar societal issues. Also, read Why is Reddit Blurry in 2022 | How to View NSFW Content
Future of Reddit
Today, Huffman is the CEO of Reddit. Ohanian stepped down from the company in June 2020. He encouraged the company to replace him with a more diverse voice. They went with Michael Seibel, a partner of Y Combinator who was involved in Reddit’s initial launch in 2005. According to reports, Reddit may soon go public shortly. During that time, the current parent company of Reddit Advance Publications is likely to retain most of the shares. Advance Publications is still the owner and will likely be at least the de facto owner in the foreseeable future. Also, read How To Delete Reddit History in 2022 | 4 Best Ways To Erase History From Reddit
Wrapping Up
It is easy to get worked up and rack your brains regarding who owns Reddit and what they may do next. Reddit is one of the most community-focused platforms on the internet. Hopefully, whoever or whatever “owns” Reddit is an inspiration and will continue the trend of thinking of the community first and the company second.
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