Reddit will raise up to $700m in fresh financing

If successful, that transaction amount would imply a roughly $10bn valuation for the social media website.

Citing the company, Reuters reported that Fidelity had already invested $410m.

The $10bn valuation paled in comparison to Facebook's $1trn, but Reddit only had 52m daily active users, against almost 2bn at Mark Zuckerberg's company.

The company did however nearly triple its advertising sales during the first three months of 2021 to over $100m.

Other Reddit investors included venture capital outfit Andreessen Horowitz, Sequoia Capital, and Tencent Holdings.