Reddit mascots are displayed at the company's headquarters in San Francisco, California April 15, 2014. — Reuters picWASHINGTON, Feb 9 — Reddit, the online bulletin board at the centre of the recent stock market frenzy, said today it had raised some US$250 million at a reported valuation of US$6 billion to fuel expansion of the service.
Reddit, which hosts online chats about numerous topics and whose “subreddit” known as WallStreetBets sparked an upheaval on Wall Street, said it hopes to invest for growth and would be doubling its workforce. “Our more recent developments have included acquiring the short-form video platform Dubsmash to bring highly polished video creation tools to our platform and encourage under-represented creators to find a home on Reddit.”
The result was a roller-coaster ride for these shares which has sparked concerns about market manipulation and calls for investigations.
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