The news: Reddit raised $700 million, lifting its valuation by 67% since its last round in February, per The Wall Street Journal.
How we got here: January’s meme-stock craze resulted in a massive inflow of Reddit users.
More on this: Reddit has long lagged behind its social media peers like Twitter and Facebook in generating revenue from users. But its value jumped as its advertising revenue reached $100 million for the first time in Q2, a 192% rise year over year, per The Financial Times.
The bigger picture: But retail traders don’t tell the whole story of Reddit’s blockbuster year.
For more information on what’s next for Reddit, read this article from our Fintech Briefing.