Reddit's CEO is trying to clean up the edgy website known for provocative discussions and fringe groups, while revamping its advertising in a bid to woo big brands.
Steve Huffman, chief executive of online chat platform Reddit, is now a self-confessed “Supreme Court nerd.”
Reddit has also joined the ranks of Silicon Valley’s so-called unicorns, raising $300 million this year in an investment round led by China’s Tencent Holdings Ltd., giving it a valuation of about $3 billion. Founded in 2005, the self-declared “front page of the internet” is known as a hub for esoteric memes, sardonic humor and gamers. One of the most popular websites in the U.S., it is also home to thousands of “subreddit” chat forums, where varied discussion topics range from woodworking to low-carbohydrate ketogenic diets.
Although Reddit’s ad-targeting ability is more limited than that of platforms such as Facebook because its users have online aliases rather than sharing personal information, brands can target by interest, placing standard ads or “sponsored posts” in a particular discussion group. Those who came before him have fallen. Huffman, who initially left the company in 2009, returned in 2015 after then-Chief Executive Ellen Pao garnered a fierce backlash for what was seen by Redditors as a heavy-handed cleanup attempt.
More broadly, Reddit is looking to clean up its content by investing in a combination of machine learning tools that recognize suspicious or badly behaved accounts, working together with human moderators who oversee the entire site, Huffman said. It also relies on moderators who are not employees to set standards and monitor individual forums.
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