May 8th 2024.
Alexis Ohanian, the husband of tennis legend Serena Williams, recently spent his Cinco De Mayo holiday in Los Angeles, California. He was accompanied by one of LA's most prominent figures, who also happens to be a hometown hero for Williams. In a photo shared on Twitter, Ohanian expressed his gratitude for the city and his excitement to catch up with old friends. He also took the opportunity to give a special shout-out to Snoop Dogg, who was one of the early investors in his billion-dollar company, Reddit.
For those unfamiliar, Reddit is an online community that allows people from all over the world to connect and discuss various topics. Ohanian co-founded the platform in 2005 alongside Steve Huffman while they were both studying at the University of Virginia. However, it wasn't until they joined forces with Aaron Swartz, who rewrote the coding for Reddit, that the company really took off.
Just one year after its launch, Reddit was sold to Conde Nast for a significant sum of money. As the platform continued to grow in popularity and value, investors started lining up to get a piece of the pie. In 2014, when Reddit was valued at a whopping $500 million, Snoop Dogg joined a group of investors in a $50 million financing round for the site.
Interestingly, it was the organizer of the investment group who approached Snoop Dogg due to his celebrity status and his popularity on Reddit's "Ask Me Anything" forums. He was also high on the company's wish list of investors. Sam Altman, CEO and co-founder of Open AI, even referred to him as a "Reddit superstar."
While Snoop doesn't often talk about his investment in Reddit, he did reveal during an interview on GGN News in 2017 that he "worked his way in" and is proud to be a part of the company. Today, Reddit is valued at a staggering $10.68 billion, with a share price of $67.67. This is a significant increase from its $5 billion valuation in 2021.
All in all, it's clear that Snoop Dogg's early support played a crucial role in Reddit's success. And with his sharp business instincts and entrepreneurial spirit, it's no surprise that he and Dr. Dre recently turned their hit song "Gin and Juice" into a lucrative business venture.
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