What is Reddit’s CEO Steve Huffman doing?
often via IPO or acquisition. I have begun to wonder if that explains what Reddit CEO Steve Huffman has been up to lately.
Before the Sturm und Drang of the Reddit protests, Huffman had been feeling some heat. Fidelity, an investor that led Reddit’s 2021 funding round valuing the company at $10 billion,; its stake, which it spent $28.2 million to acquire, was now only worth $16.6 million. Now, some of this is a general markdown of the tech industry, which has been frothy for the better part of the last decade. But the write-down raised questions about Reddit’s ability to go public at a desirable valuation, letting its investors exit. At the end of 2021, just coming off the meme stock bonanza, Reddit. In hindsight, that filing was late, and Reddit missed its window: the hot IPO market of 2021 cooled off as the Fed began hiking interest rates.
Underlying much of Huffman’s early communications as CEO was the basic idea that Reddit was a bastion of user-led community
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