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Snoop Dogg has been an active member of the reddit community, partaking in the popular “Ask Me Anything” Q+A sessions on the site, and as a moderator for the site’s forum dedicated to stoners. Now, Snoop is taking his involvement to the next level as it was announced yesterday that he is now a co-owner of the growing website. In a blog post written for the website, reddit announced that it secured $50 million worth of outside funding and Snoop Dogg was mentioned as one of the investors.
Though it boasts 133 million active users each month, Reddit has resisted the trends of visual evolution over the years, looking much the same as it did a decade ago. As part of the investment deal, 10 per cent of purchased investments will go directly to Reddit users as a sign of appreciation for their role in making it a success. Site owners said it plans to use the cash to invest in new features, staff and building its mobile product.
Sam Altman, the president of incubator Y Combinator that originally launched Reddit, also took part in the fundraising.
In a blog post Altman said: “reddit is an example of something that started out looking like a silly toy for wasting time and has become something very interesting.”
Reddit was bought by Conde Nast Publications, the publisher of the New Yorker and Vogue, in 2006 and became a subsidiary of Conde Nast’s parent company Advance Publications. In 2012 Reddit was reiterated as an independent company, with Advance maintaining a dominant shareholder position.
Agencies/Canadajournal
