Reddit is much in the news these days due to the controversy of its AMA staff Victoria Taylor who is said to have been unceremoniously removed. However the way reddit has been able to grow its traffic should be a lesson to social sites ( mainly Digg) which showed a lot of promise earlier but they became a victim to their " own rigidity" . Reddit page views in 2012 was 37billion, which reached 71billion in 2014
Reddit was acquired by Condé Nast Publications in October 2006, however Reddit became a direct subsidiary of Condé Nast's parent company, Advance Publications, in September 2011.
Reddit has recently seen a $50 million funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg and Jared Leto in 2014Their investment saw the company valued at $500 million.