In 2005 Alexis Ohanian and Steve Huffman launched social news aggregation Reddit, a platform where any authorized user can share a post, link, video or photo. All the content is organized under the themed subreddits, the popularity of a post is determined by the users' votes. The company was growing fast, and in just a year, founders sold the company to the Conde Nast mass media company. In 2015 Ohanian came back to Reddit and remains as a boarding member.
Throughout the years Reddit got the investment funds from 23 investors including Sequoia Capital and Y Combinator with 550,1 million dollars as a total amount raised. Currently, Reddit is on the 18th place among the top 500
sites on the web according to the number of visitors. Around 1,4 billion people a month are visiting the website, most of the traffic is coming from North America. The estimated annual revenue of the company is 100 million dollars. Besides advertisement, the traditional source of revenue of the social media platforms, Reddit is making money on a Premium subscription that opens new features, its virtual coins, and presents.