Users protest after Tencent invests in Reddit

14 February, 2019, 07:11 | Author: Brooke Harris
  • Screen capture from Reddit

Reddit Chief Executive Officer Steve Huffman told CNBC today that "one of the things that's been very important to us is that we can now assure advertisers that you are going to have a positive experience on Reddit and potentially even a new experience, a new way of connecting with customers". The push appears to be achieving results, with the company's ad revenue reportedly exceeding $100 million for the first time past year.

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 Inc and Alphabet Inc's Google take in most of the revenue.

The investment from Tencent comes with some controversy because Reddit is blocked in China as part of the Great Firewall censorship initiative.

A "Pooh" picture voted to near the top of the Reddit home page bore the caption: "Since Reddit took a $150 million investment from Chinese Censorship company Tencent, please welcome our leader President Xi".

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State Senate Leader Phil Berger, R-Rockingham, said "North Carolina lost a strong advocate and I lost a friend. In December Jones was granted a leave of absence until the end of the congressional session .

Winnie the Pooh's image is banned in China because users have mocked the character's resemblance to China's President Xi Jinping.

Huffman said Tencent has invested in lots of video games companies, and video games are a popular category on Reddit, a social news and media aggregation company based in San Francisco, Northern California.

Reddit was cofounded by Alexis Ohanian, husband of tennis superstar Serena Williams.

Over the years it has become the fifth largest social website, ranking after Google, YouTube, Facebook and Amazon, with monthly active users of 330 million. The proposed funding prompted a wave of criticism on Reddit, which many of its users see as a bastion of free speech. "Tencent has invested in hundreds of companies and there's been little involvement or interest from China's state apparatus", said Reynolds via BBC.

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