Reddit’s CEO Becomes Billionaire After 20 Years
Steve Huffman, co-founder and CEO of Reddit, has reached billionaire status two decades after launching the company. He started Reddit in 2005 with his college roommate Alexis Ohanian, investing only $12,000 initially.
Background on Steve Huffman and Reddit
Huffman founded Reddit fresh out of college, and the company has steadily grown over the years. Today, Reddit is publicly traded and has shown consistent profitability.
Recent Financial Success
Following Reddit’s latest earnings report, Huffman’s net worth surged to $1.2 billion. Last Thursday, Reddit announced a net income of $163 million, marking its fifth straight profitable quarter since going public in March 2024.
Reddit’s stock price also reflected this success, closing at $208.95 on Friday—a 7.5% increase from the previous day and a 75% rise compared to the previous year.
Industry Context
While tech entrepreneurs like Scale AI’s Lucy Guo and Alexandr Wang have quickly reached billionaire status within a few years, others like Huffman have taken a longer path to wealth.
About the Author
Emma Burleigh is a reporter at Fortune with expertise in success, careers, entrepreneurship, and personal finance. She has contributed to numerous publications and holds a joint master’s degree from New York University in Global Journalism and East Asian Studies.
“Tech has become a launchpad for founders to quickly gain 10-figure net worths, with the likes of Scale AI’s Lucy Guo and Alexandr Wang skyrocketing to billionaire status just a handful of years after creating their innovations.”
“Two decades after cofounding Reddit, the CEO has finally made it to the ultra-rich club.”
Author’s Summary: Steve Huffman’s journey to billionaire status after 20 years highlights the perseverance behind Reddit’s success and contrasts with the rapid rise of some tech entrepreneurs.
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