Before we dive into the askreddit question: How did you become so wealthy?, we will first pay attention Reddit, what is actually is. Reddit is a social network and according to Alexa Ranking, it is the world’s 19th highest ranked website, which means, that people use Reddit more often than Netflix or Instagram or Twitter. So it is an important website not to neglect. It was founded in 2005 in the States (Of course … Where else?) by Steve Huffman and Alexis Ohanian. Steve studied computer science in his senior year and Alexis studied commerce and history also in his senior year. They went to a lecture of Paul Graham in Boston during their spring break. Paul Graham is the founder of Y combinator. A startup accelerator similarly to Venture Capitalists. Steve and Alexis received a $100 000 funding. After Reddit reached 500 000 daily visitors on their website, it was sold to the founder of Wired for $20 million in 2006, so after 1 year of founding Reddit. In 2014, Reddit was funded $50 million by popular investors like Sam Altman, Peter Thiel, Marc Andreessen, etc. Their investment made the company a value of $500 million then. In July 2017, Reddit was funded $200 million for a $1.8 billion valuation. 2 years later Reddit was funded $300 million by Tencent, which brought the company’s valuation to $3 billion.
The most recent statistic according to Similarweb, Reddit had 1.26 billion visitors on November 2019. Each of the visitors spent about 10 minutes on the website visiting about 8 pages. It has about 350 million users and about 150 000 active subreddits. Subreddits are comparable to Facebook groups. The top 3 subreddits are announcements, funny and AskReddit. One of the most famous users on Reddit was Barack Obama under the user name PresidentObama in August 2012 during his reelection campaign. He was available for answering any questions within 30 minutes. During this time, there were about 13 000 comments, which led to a server outage. Reddit’s users are 67% men and 78% of Reddit’s users get news from Reddit. All in all with so many subreddits, there are interest groups for everyone.
That is basically it about Reddit. Now without further ado, let’s dive into the Askreddit question: How did you become so wealthy? I made a video out of it. Enjoy!
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