One of the defining ironies of the social networking IPOs over the last decade is that the financial returns have been concentrated among so few when the value has been created by so many.
But current Reddit CEO Yishan Wong wants to change that.
When Wong served as an early director at Facebook for five years, crypto-currencies were around, but they weren’t as widely accepted or understood as they are today. He and Y Combinator head Sam Altman, who just personally led a $50 million round in the company announced today, want to use them as a tool to distribute shares in the company back to the millions of Reddit users, or Redditors, that log in every day. They’ve set aside 10 percent of the round announced today for that purpose.
“Everybody who has ever run the company has always wanted to give some ownership back to the community somehow,” Wong said.
He went on, “We have a crazy plan and what…
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