Reddit's $21B Valuation: From Idealism to Hard Work

Reddit co-founder and CEO Steve Huffman recounts Reddit's journey to a near $21 billion valuation on a recent podcast. He highlights a two-decade long process involving a leadership shift and a crucial change in employee work ethic. Huffman admits Reddit's early idealism hindered its business operations, leading to low productivity. Returning as CEO in 2015, he emphasized the importance of hard work, shifting the company from idealism to a more pragmatic business approach. Reddit now boasts a $21 billion valuation, with Q1 revenue surging 61% year-over-year to $392.4 million. Its success stems from its unique community and its use as a search engine complement, navigating challenges posed by Google algorithm changes.