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Reddit Inc. is a social media website that enables users to form online communities, share ideas, photos and videos, post the latest trends and breaking news, and vote on content posted by other users. The website is known for its discussion forums, including its popular "Ask Me Anything" format.

Reddit makes money by selling advertising space and from an optional premium membership plan that allows users to turn off ads and enjoy other benefits. Reddit also earns revenue from data licensing and various products in the user economy.

Reddit is a social media website that provides users with a network of communities whose users post news stories, images, videos, and links. A user's standing within these communities is determined by the content they share and its evaluation by other users. Reddit also is well known for its online discussion forums on politics, entertainment, and other topics such as r/Cryptocurrency. Reddit faces a long list of competitors, including Meta Platforms Inc. (META, formerly Facebook Inc.), X Corp. (formerly Twitter, Inc.), and Google parent Alphabet Inc. (GOOGL). Some lesser-known competitors include Digg, Tumblr, Quora, 9GAG, and Gizmodo Media Group.

Reddit was valued at $10 billion in its series F round of funding, which took place in August 2021. The company raised another $410 million in that round, which was led by Fidelity Investments. Reddit was valued at $6 billion after raising $250 million in its prior funding round in February 2021. Reddit previously received investments from Tencent Holding Ltd. (TCEHY), Sequoia Capital, Fidelity, Tacit Capital, and Snoop Dogg. Reddit has raised about $1.3 billion in total funding to date.

The company boasts over 82 million daily active users and more than 16 billion posts and comments on its website.

The San Francisco, California-based company was founded in 2005 by Steve Huffman and Alexis Ohanian. The two were college roommates and founded the company soon after graduating from the University of Virginia. Reddit was acquired by Condé Nast Publications in 2006 and was subsequently spun off into an independent company in 2011.

Huffman is Reddit's current CEO and serves as one of the company's board members. Ohanian stepped down as a board member in June 2020, and asked that he be replaced by a Black candidate. Reddit subsequently named Y Combinator CEO Michael Seibel as Ohanian's replacement.

in February 2023, James Rogozinski, who founded the WallStreetBets subreddit responsible for the meme stock craze of 2020, accused Reddit of trademark infringement and breach of contract for removing him as a moderator in April 2020, according to . Reddit had accused Rogozinski of "attempting to monetize a community." Reddit issued a statement calling Jame Rogozinski's lawsuit "frivolous" saying it was "another transparent attempt to enrich himself."

On March 5, 2021, Reddit announced the appointment of Drew Vollero as the company's first chief financial officer (CFO). Vollero has more than 30 years of experience leading finance functions at different companies in order to position them for growth. He previously worked as CFO at Allied Universal and he also served as Snap Inc.'s (SNAP) first CFO.

The new appointment came as Reddit explored the possibility of going public. CEO Steve Huffman told the Wall Street Journal that the company was exploring an initial public offering (IPO). Reddit filed IPO paperwork in 2021, but postponed the event.

As a private company, Reddit isn't required to publish its financials, as publicly listed companies must. However, it did report quarterly advertising revenues of $100 million in the first quarter of 2021.

Reddit has been raising funds ahead of a projected IPO in 2023, gathering a total of $1.3 billion in investments. The company was valued at $10 billion after its series F funding round in 2021, but some estimates put it closer to $6 billion in 2023.

Reddit's main revenue stream is advertising sales. It also offers premium subscriptions.

Since its founding in 2005, Reddit has grown to reach millions of active users, bringing in revenue from ad sales as well as premium memberships and other initiatives. As a social media company, it doesn't have the reach of competitors like Facebook or X, but it's still one of the top 10 most-visited websites in the world.

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A lady has expressed her disappointment with her man after he sent her N20,000 while she was anticipating for N200,000 when she complained about being sick and broke.

She lamented about how she felt insulted by the amount of money he sent to her because according to her it cannot meet her basic needs.

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Nollywood actress Queen Wokoma has reacted to the backlash she received over her choice of outfit to her late colleague, Junior Pope’s funeral

Recall that the actor, who died last month, has been laid to rest in his hometown in Enugu State. As expected, some of his colleagues had stormed the burial to pay their last respects to the talented actor.

On her Instagram page, Queen Wokoma has shared photos of herself and some of her colleagues at his funeral. The actress had worn a short black gown, leggings and a jacket. Her outfit to the funeral didn’t sit right with netizens who mercilessly dragged her.

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The Consumer Financial Protection Bureau (CFPB), the government’s consumer watchdog agency, has survived an attempt to de-fund it using the Supreme Court.

In a 7-2 ruling handed down Thursday, the high court found that the agency’s funding mechanism is constitutional, rejecting arguments by payday lenders, who challenged the agency’s authority in an attempt to overturn a regulation limiting how often they can try to withdraw funds from a borrower’s bank account. 

A ruling against the CFPB could have unleashed what one legal expert described as “pandemonium” in the financial services industry. It could have thrown the bureau’s existing regulations into doubt, unleashed a flood of lawsuits, and removed consumer protections that have been established over the last decade and a half. 

Writing for the majority, Justice Clarence Thomas said the CFPB’s unique funding mechanism did not conflict with the Appropriations Clause of the constitution, which gives Congress control over the federal budget, stating “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.”

When Congress created the bureau in 2010 in the wake of the Great Financial Crisis, lawmakers placed it within the Federal Reserve system, which is funded by its own operations apart from the overall federal budget. That makes it different from most other federal agencies, which run on taxpayer dollars and whose funding is decided by Congress each year as part of the budget process.

The Community Financial Services Association of America, and the Consumer Service Alliance of Texas, trade groups representing payday lenders, had argued otherwise. They had gone to court in Texas to overturn a 2017 CFPB rule that forbade them from repeatedly trying to draw funds from borrowers’ preauthorized bank accounts after two failed attempts—a practice that racked up overdraft fees for the borrowers. 

The case made its way to the conservative-leaning Supreme Court, which heard arguments last year. It was one of several cases that the court is currently considering that could weaken the authority of federal financial regulators. 

In a dissenting opinion, Justice Samuel Alito, also signed by Justice Neil Gorsuch, lamented that the ruling allows the bureau to “bankroll its own agenda without any congressional control or oversight.”The bureau said the decision would allow it to carry on its activities regulating consumer financial services.“Today’s decision is a resounding victory for American families and honest businesses alike, ensuring that consumers are protected from predatory corporations and that markets are fair, transparent, and competitive,” the agency said in a press release. 

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A man who was accused of abandoning his wife and their new born child in the hospital after she underwent a CS operation has denied the allegations leveled against him.

According to him, he never abandoned his wife and their child, as he narrated how he was at the hospital throughout all her travails in trying to bring their child into the world.

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26 years after he went missing, an Algerian man has been found alive in his neighbour’s cellar.

The 45-year-old man identified as Omar bin Omran disappeared from the north-central Algerian town of Djelfa when he was 19.

He was assumed to be among the hundreds of thousands k+lled or kidn@pped during the Algerian Civil W@r in 1998.

But Mr Omran was found last week in a sheepfold under haystacks only about 200 metres away from his childhood home on May 12.

Officials confirmed they had arrested a 61-year-old doorman suspected of keeping him prisoner.

According to the Algerian newspaper El Khabar, his dog recognized his scent and stayed near where Omar was held. It was alleged that the captor po+§%ned the dog to ward the family off.

The kidn@pping was discovered after the suspect’s brother posted revealing information on social media, amid an alleged inheritance dispute between the siblings.

Mr Omran said he had not been able to call out for help “because of a spell that his captor had cast on him,” Algerian media reported.

Mr Omran’s mother di£d in 2013 without ever knowing the truth of what happened to him, according to El Khabar.

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