Reddit Raises $300 Million At A $3 Billion Valuation

Reddit Raises $300 Million At $3 Billion Valuation, With Tencent Among Backers

Reddit Raises $300 Million At $3 Billion Valuation, With Tencent Among Backers

TIME reports that Reddit users are rallying against censorship after news of Chinese company Tencent investing $150 million into the site.

The round has not been without controversy given that its lead investor, Tencent, is not only a major Chinese company, a country where Reddit is banned, but also a technology provider to the "Great Firewall of China" censorship system.

Some media later suggested that the investment created "a great deal of confusion", as Reddit is now blocked in China. The proposed funding prompted a wave of criticism on Reddit, which many of its users see as a bastion of free speech.

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.

Most analysts agree that it is unlikely Tencent or any other such investor would be able to control what content is posted on the site but that hasn't stopped a stream of memes and protest messages appearing in the past few days.

Tencent owns the all-in-one messaging app WeChat and is considered as one of the biggest gaming company in the world thanks to the ownership of the popular "League of Legends".

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Reddit has also actively worked to clean up the platform, once flooded with trolls and inappropriate content.

In the past, Chinese authorities have blocked information related to the crackdown against protesters in Beijing's Tiananmen Square on the anniversary of the event.

Images of the storybook bear were reportedly banned online in China after bloggers used them to represent Xi in posts.

Tencent and other investors are looking to help Reddit better monetize its already large user-base, but many people have claimed that this is a massive conflict of interest for the Chinese conglomerate.

Reddit is not the first US social media platform to court investment from Tencent.

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