Reddit gets $50 million in funding and will share 10 percent of that with its users

Reddit gets $50 million in funding and will share 10 percent of that with its users

The company announced it has raised new funds and hopes to give away a chunk of its equity to the community members who help build and maintain the site. The front page of the internet has a lot more money in the bank, with Reddit confirming $50 million in new funding. More interesting than the amount raised, however, was that investors promised 10 percent of their new equity in the company will be shared with community members, a highly unusual move. While the exact mechanics of how these shares will be distributed to users is not yet clear, lead investor Sam Altman told The Verge that it will most likely use a block chain method similar to the systems used to create and distribute Bitcoin.

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