April 12, 2024

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Reddit Names Its Very first Finance Main

2 min read

Reddit Inc. named its initially finance chief, soon after the social-media business received interest for its role in the recent Wall Road buying and selling frenzy and doubled its valuation in a funding round.

Drew Vollero is becoming a member of the social-media corporation later on this thirty day period as main fiscal officer, the San Francisco-based mostly startup reported Friday. Mr. Vollero is now the CFO of Allied Common, a stability and facility solutions firm. He was previously finance main of

Snap Inc.,

the social-media messaging corporation, a purpose he left in 2018, according to his LinkedIn profile. He will report to

Jen Wong,

Reddit’s chief running officer.

In his new purpose, Mr. Vollero will be dependable for making out Reddit’s finance functionality across numerous regions, such as treasury, audit, product sales finance, accounting, procurement and investor relations, the business stated.

In Mr. Vollero, Reddit also has picked a finance chief who has experience primary a venture-backed firm by way of a general public listing. As Snap’s very first CFO, he led the maker of the Snapchat disappearing-concept app by means of its 2017 preliminary public offering and expanded its finance, accounting and audit features, in accordance to Reddit.

“He will be a huge addition to our govt staff, as Reddit carries on accelerating our organization and person advancement,” explained

Steve Huffman,

the company’s co-founder and chief govt.

Drew Vollero, the new CFO of Reddit.



Picture:

Reddit

Reddit, which was established in 2005, very last thirty day period mentioned it lifted $250 million and doubled its valuation to $6 billion in a late-stage funding spherical led by venture-capital firm Vy Cash. The company, which was earlier valued at $3 billion, also counts undertaking business Andreessen Horowitz and

Tencent Holdings Ltd.

amongst its buyers.

Reddit has attained focus in the latest weeks as people of its WallStreetBets group forum inspired every other to obtain the shares of greatly shorted stocks, these kinds of as

GameStop Corp.

and

AMC Amusement Holdings Inc.

The business has claimed the episode assisted it catch the attention of new advertisers and bring back again lapsed ones. It reported Friday it presently has about 52 million daily lively end users.

Publish to Kristin Broughton at [email protected]

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