REDDIT confirmed yesterday a new funding round that included a US$150 million (RM611 million) investment by Chinese technology behemoth Tencent, prompting concerns that "the front page of the internet" might wind up censored.
US social media site Reddit Inc. said Monday it has raised 300 million USA dollars in Series D round led by China's internet giant Tencent Holdings Ltd., which pushed the company's market valuation to 3 billion dollars.
That's up from a $1.8 billion valuation from the company's last funding round, which brought in a $200 million investment in 2017.
Reddit said it planned to use the money for global expansion and to enhance its digital ad platform to better compete in a market where Facebook and Google now take in most of the revenue.
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Tencent has invested in a broad array of companies, including Tesla Inc, Snapchat-parent Snap Inc and Epic Games Inc - the maker of popular video game Fortnite.
The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship.
Some media later suggested that the investment created "a great deal of confusion", as Reddit is now blocked in China.
Users also often photos of Winnie The Pooh to poke fun of Chinese President Xi Jinping's appearance. "Tencent has invested in hundreds of companies and there's been little involvement or interest from China's state apparatus", said Reynolds via BBC.
Reddit has more than 330 million average monthly active users, with 14 billion screenviews per month, as of November 12, 2017, it said on its website. Reddit users swarmed several of the submissions, pushing them to the list of most popular posts.