Snoop Dogg and Jared Leto buy stake in Reddit
Social news platform Reddit has secured US$50 million (S$63.6 million) in funding from Hollywood's A-list investors.
Actor Jared Leto and hip-hop star Snoop Dogg now have a stake in the company that was founded in 2005. BBC reported that the stars would also some of it to its users in the form of shares.
The investment will reportedly be used to improve the company's infrastructure and increase its staffing numbers from its current 51 employees, the publication added.
Other investors and entrepreneurs that took part in the funding round include Peter Thiel, Ron Conway, Paul Buchheit, Jessica Livingston, Mariam Naficy, Josh Kushner and Reddit chief executive Yishan Wong, The Telegraph wrote.
This new investment comes not long after Reddit banned "The Fappening", a community dedicated to posting the nude celebrity photos leaked in early and late September.
Yishan Wong, chief executive of Reddit, said that the timing of the closure of The Fappening and the greenlight on funding were not connected.
"Fundraising cycles are much longer than nude celebrity photo cycles, and the two happened to overlap," he said to Venturebeat.
Sources: BBC, Venturebeat and The Telegraph