It was one backer, in particular, that drew condemnation from members of Reddit’s online community. 2,248 crores) in 2019 in a funding round led by Tencent resulting in a market valuation of $3 billion (roughly Rs. Tencent Holdings Ltd, also known as Tencent, is a Chinese multinational technology conglomerate holding company.Founded in 1998, its subsidiaries globally market various Internet-related services and products, including in entertainment, artificial intelligence, and other technology. Over the past 12 months Snap has shed 40% of its value, making it not only unusual but also a potentially poor long-term investment for Tencent. Reddit has raised a new $300 million round of funding from investors including Tencent, Sequoia, Fidelity and Andreessen Horowitz among others. Tencent is also invested in gaming-adjacent technology companies like Discord and Reddit. Reddit has repeatedly struggled to moderate its freewheeling forums, which have often been breeding grounds for racist, misogynistic, and homophobic content. However, Reddit's heavy dependence on venture capital suggests that it isn't profitable, and its workforce of roughly 350 is based in pricey San Francisco. Li stated that Tencent only invested in sectors that it understood, and only "in areas related" to its core businesses. Since it launched in 2005, Reddit has grown into one of the most visited websites in the world. Reddit still operates independently from both companies. Reddit has been blocked in China since August. Reddit has received a $150 million investment from Tencent, the Chinese tech giant behind WeChat and League of Legends, sparking fears of censorship from Reddit users. Revenue from these investments has helped founder “Pony” Ma Huateng become the wealthiest man in … Reddit has over 330 million MAUs visiting its 150,000 Subreddits. Tencent, who fully owns Riot Games, the producer of League of Legends, also holds 40 percent of Epic Games. His wheelhouse includes cloud, IoT, analytics, telecom, and gaming related businesses. But its WeChat super app has more than 1 billion users worldwide. I also looked into Tencent prior to this post. Gaming Discussion . Social media service Reddit Inc. says it has raised $300 million in a financing round led by Chinese internet giant Tencent. Returns as of 01/27/2021. Reddit: The social media platform raised $300 million (roughly Rs. Do not be surprised If posts get locked as you may suddenly find we might not any longer be able to openly discuss Epic Games, Metro Exodus or anything that does not agree with them. That's why there was a big "gap" between its GAAP earnings (which include its investment gains) and non-GAAP earnings (which exclude those gains) last quarter. Reddit users rebel after China-owned Tencent said to be leading funding round by Holmes Chan 17:15, 11 February 2019 22:38, 31 March 2020. Tencent gains a high-growth video platform that resonates with younger viewers and … But so far, other US companies with Chinese investment haven’t been subject to the country’s censorship. But in an interview with Business Week China last year, Tencent Investment Partnership Manager Li Zhaohui dismissed that notion, stating that the investments provided Tencent with "many opportunities and possibilities for expansion into new areas.". Tencent owns 40 percent of … Luckily nothing is changing for the developer. Due to the ongoing political unrest between India and China, the ministry of electronics and information technology issued an interim order banning more than 100 apps that is owned or developed by organisations with a Chinese background or ties to … Meanwhile, Discord received $158 million in funding last year by Tencent. Chinese investment. The new round of funding values the company at $3 bil… Facebook Twitter Reddit Email RSS Feed Newsletter Donate. Reddit Just got a $150 Million Investment from TenCent who also own 40% of Epic Games, Like to Censor & Sell Your Information. It has also attracted criticism along the way from concerns over harassment, abuse, piracy, and moderation policies. The conglomerate also owns majority shares ... Tencent or any other company," Epic CEO and co-founder Tim Sweeney said in response to such concerns in a December 2018 Reddit thread. Tencent's investment in Snap wasn't a money maker, but its other investments (including its stake in the on-demand delivery platform Meituan-Dianping) have paid off. When Chinese tech giant Tencent (OTC:TCEHY) became Snap's (NYSE:SNAP) biggest shareholder in late 2017, it was considered an unusual move for Tencent, since it focused most of its overseas investments in video game makers and other tech companies. Print. Reddit Inc. said Monday that it raised $300 million from investors. Stock Advisor launched in February of 2002. In … Publisher Condé Nast acquired a majority stake in 2006, and that stake now belongs to its parent company, Advance Publications. The Issue is that Tencent is essentially a Chinese Government entity. Grinding Gear Gaming, developers of the RPG sleeper-hit Path of Exile is the latest studio to be acquired by Tencent. Reddit is hoping to raise up to $300 million and achieve a post-money valuation of $3 billion, up from a valuation of $2 billion in July 2017. Tencent joins the ranks of older Reddit investors like Snoop Dogg and Sequoia in helping the company reel in $300 million in additional funding, Reddit confirmed today. It was one backer, in particular, that drew condemnation from members of Reddit’s online community. One Reddit user quipped, “I thought it would be nice to post this picture of “Tank Man” at Tienanmen Square before our new glorious overlords decide we cannot post it anymore.”. Twitter. Thread starter Barnabot Cunt; Start date Dec 23, 2020; 102 Forums. https://www.fool.com/.../02/08/tencent-invests-social-platform-reddit.aspx Although Tencent owns over 80 percent of … The company, which also has small shares in organizations such as Activision, Ubisoft, Pardox Interactive, Frontier Developments, Funcom and Fatshark, bought Warframe’s developer Digital Extremes and Gears Tactics’s Splash Damage for $ 1.5 billion in August 2020. A post on Reddit describes them as a “combination of what YA novels and shitty romance novels and Dan Brown books and stuff are to English readers—utter shite, ... everything changed when Qidian—a Chinese webnovel site backed by Tencent, ... Webnovel owns the original work, but the translations were not produced by them. The realm rejoices as Paradox Interactive announces the launch of Crusader Kings III, the latest entry in the publisher’s grand strategy role-playing game franchise. Telegram. If a game company wants money from them they have to bow to what the Chinese Government say/want. Half the new money came from Tencent, Asia’s most valuable tech company. Last week TechCrunch reported that Reddit was raising $150 million from Chinese tech giant Tencent and up to $150 million more in a Series D that would value the company at … Second, investments boost Tencent's net profits. The protests have centered around two images in particular: Winnie the Pooh, whose likeness is largely banned because users have mocked its resemblance to President Xi Jinping, and images of the iconic Tank Man from the Tiananmen Square massacre. The reality is, in fact, it’s quite the opposite. newsletter. 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