Hong Kong-listed technology giant Tencent Holdings Ltd (HK:) is investing $150 million in USA discussion platform Reddit, according to Techcrunch that cited multiple unnamed sources. Reddit is ranked among the most visited United States websites, and has more than 138,000 "communities" for discussions on various topics.
Reddit has raised a new $300 million round of funding from investors including Tencent, Sequoia, Fidelity and Andreessen Horowitz among others.
China has a strict internet censorship regime known as the Great Firewall and Reddit is among the sites it blocks.More news: OPEC cuts 2019 oil demand forecast on global slowdown
The 14-year-old social platform has roughly 330 million monthly active users and had an average of 1 billion views of natively hosted video last year, thanks to a recent redesign, according to the company. More popular content is surfaced to the top. And China-based messaging apps like WeChat (owned by Tencent) and other social media services are restricted.
Reddit has also actively worked to clean up the platform, once flooded with trolls and inappropriate content.
The TechCrunch website reported the funding round last week, but that information was unconfirmed until now. Search terms such as "six four" - a reference to the date of the event 4 June and "never forget" when typed into Chinese search engines have not returned any results.More news: George Clooney claims Meghan Markle is being 'pursued and vilified'
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.
Images of the storybook bear were reportedly banned online in China after bloggers used them to represent President Xi Jinping in posts.
Ever since it was founded in 2005 in Silicon Valley, Reddit is known for its online atmosphere of free speech, with user comments as its main product.More news: Five killed in shooting in eastern Texas