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Reddit history
Reddit company history timeline
The team expanded to include Christopher Slowe in November 2005.
Since its debut in 2005, Reddit has served as a platform to share and discuss topics and upvote them accordingly.
Huffman and Ohanian sold Reddit to Condé Nast Publications, owner of Wired, on October 31, 2006, for a reported $10 million to $20 million and the team moved to San Francisco.
In 2006 Condé Nast Publications acquired Reddit.
In 2008, Reddit.com became an open source software.
By the end of 2008, the team had grown to include Erik Martin,
Several new subreddits launch in 2008.
Huffman and Ohanian left Reddit in 2009.
Reddit launched two different ways of advertising on the site in 2009.
Reddit launched its Reddit Gold benefits program in July 2010, which offered new features to editors and created a new revenue stream for the business that did not rely on banner ads.
However, a premium membership system called Reddit Gold was introduced in 2010 at the cost of $3.99 a month.
In 2010, Alexis left Reddit and joined Steve to found Hipmunk.
Not sure if the NoFap subreddit played a major role in this, but it surely did contribute to Reddit’s popularity since it launched in June 2011.
The website was bought by Conde Nast Publications a year later, for a figure estimated at between $10 million to $20 million but it has been operating independently since 2011.
By the end of 2011, the site received more than 1,5 billion monthly impressions.
On January 11, 2012, Reddit announced that it would be participating in a 12-hour sitewide blackout in protest of the Stop Online Piracy Act.The blackout occurred on January 18 and coincided with the blackouts of Wikipedia and several other websites.
Yishan Wong joined Reddit as CEO in 2012.
Also during this time, Reddit began accepting the digital currency Bitcoin for its Reddit Gold subscription service through a partnership with bitcoin payment processor Coinbase in February 2013.
In 2013 Reddit started to collaborate with Bitcoin and allowed Gold subscriptions to be paid using Bitcoin.
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits.
The official launch of Reddit’s mobile app in 2014 only made it easier for people to stay connected on-the-go.
Wong resigned from Reddit in 2014, citing disagreements about his proposal to move the company's offices from San Francisco to nearby Daly City, but also the "stressful and draining" nature of the position.
Ellen Pao, Reddit's business and partnerships strategist became the interim chief executive.On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.
In October 2015, Reddit announced a news portal called Upvoted, designed to broaden the reach of Reddit as a standalone site featuring editorial content from Reddit users.
Everything seemed amicable for some years until Pao resigned as CEO in 2015.
In April 2016, Reddit launched a new blocking tool in an attempt to curb online harassment.
Reddit's largest round of funding came in 2017, when the company raised $200 million and was valued at $1.8 billion.
Slowe, the company's first employee, rejoined Reddit in 2017 as chief technology officer.
In 2018 Reddit Gold was re-launched and became Reddit Premium, costing legacy members $3.99 a month and new members $5.99 a month.
But in 2018, silver and platinum coins were introduced as rewards to gift other users for their comments and contributions.
On June 5, 2020, Alexis Ohanian resigned as a member of the board in response to the George Floyd protests and requested to be replaced "by a Black candidate".
On December 13, 2020, Reddit announced it had acquired short-form video social platform Dubsmash, hiring its entire team, with the intention of integrating its video creation tools into Reddit.
In 2020 the average daily active users were recorded at 52 million, which shows a 44% increase compared with the year before.
2020 saw 49.2 billion upvotes which demonstrated a rise of 53.8% in comparison with other years.
On March 5, 2021, Reddit announced that it had appointed Drew Vollero, who has worked at Snapchat's parent company Snap (SNAP), as its first Chief Financial Officer weeks after the site was thrust into the spotlight due to its role in the GameStop trading frenzy.
However, of these 2.6 million subreddits, only around 100,000 were active as of 2021.
As of 2021, Reddit became the 8th most visited website and is still continuing to grow.
Rate how well Reddit lives up to its initial vision.
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