Reddit announced that after raising $410 million (Rp5.8 trillion), it is now valued at more than $10 billion (Rp143.7 trillion). The site is seeking to raise $700 million (Rp10 trillion) in a new fundraising round. 

The self-proclaimed “front page of the Internet” is looking to go public in the future, hence actively removing racist, misogynist and other unsavoury and controversial content from its platform.

“We are still planning on going public, but we don’t have a firm timeline there yet,” Reddit co-founder and CEO Steve Huffman confirmed the plan in an interview.

The virtual network communities platform generates most of its revenue through advertising. The company reported that it made $100 million (Rp1.4 trillion) in advertising revenue in the second quarter of 2021, up 192% (year-on-year) from that a year earlier. It reportedly has about 52 million daily users with more than 100,000 active sub-reddits, Reddit’s term for topic threads.