Learn More About Reddit's New CFO Drew Vollero as The Company Prepares for IPO

Urian B., Tech Times 05 March 2021, 10:03 am

Arguably the world's most popular internet messaging board is now entertaining the fact about going public. Reddit, the popular social network and bulletin, recently stated that it had actually appointed its first Reddit CFO or chief financial officer. The person they chose was Drew Vollero, in a move towards helping to tidy up all of the company's books before launching a final stock public offering.

Reddit new CFO Drew Vollero

According to the story by The New York Times, when asked to address the question as to whether or not Reddit is going public, the company's chief executive, Steve Huffman, noted in an interview that the company is actually thinking about it as of the moment and is still working towards it.

Mr. Huffman then noted that Reddit did not really have a timeline, but it seems like the recent appointment of Mr. Vollero's shows that the 15-year-old company has decided to develop its financial operations to become more similar to those of the platform's publicly traded peers, namely Facebook and Twitter.

How many daily users does Reddit have?

There are reportedly over 52 million people visiting Reddit every day, and it is reportedly home to over 100,000 topic-based communities or other subforums. For a number of years, Reddit has been representing a kind of message board freely on the internet where certain people will be able to gather and talk about a particular topic.

The platform has also dabbled in a number of models and occasionally generated controversy over certain touchy areas like bullying and the spread of certain hateful content. Mr. Huffman, a member and one of Reddit's core co-founders, had decided to return in order to run the site back in 2015.

Reddit's financial moves

Mr. Huffman has reportedly changed a number of parts of the business, like working to rein in hate speech as well as digital abuse and even developing the company's much-needed advertising and the direct-to-consumer product business. The company has reportedly revamped its terms of service to be able to outlaw the noxious content that could have filled some of Reddit's subforums during its early days.

Reddit had also reportedly added towards its executive ranks during the recent months by hiring the head of security and appointing a brand new member to its board. In December, the company reportedly acquired Dubsmash, according to NPR, a video-focused social app that competes directly with TikTok. Just last month, Reddit was able to raise a whopping $250 million in new capital, which was its reported largest venture round that would value the company at a massive $6 billion.

Reddit now plans to use the funding in order to expand its business which would include its financial team, according to Mr. Huffman. He also reportedly wants to make Reddit a little more mainstream by improving the product or even making some other investments.