"Just months after University of Virginia roommates Alexis Ohanian and Steve Huffman launched the company in 2005, they sold it to Condé Nast for just $10 million. Looking back on how successful the platform is now, it might seem astounding for them to have sold so prematurely -and Ohanian even admitted he was a bit naive. But the then-23-year-old's life was nothing short of complicated. His dog died, and loved ones, including his mom, battled serious health problems."
""As a first-time CEO fresh outta college, you're feeling invulnerable, feeling really good about building this business," Ohanian recalled to in August. "And then all of these things happen. And in particular, when my mom was diagnosed, it really framed mortality for me in a new way." Plus, at the time, $10 million also felt life-changing for the young adults. Ohanian had seen Zuckerberg turn down Yahoo's $1 billion bid for Facebook and thought it was "preposterous" to walk away from that kind of money. For Ohanian, the idea of creating millions in value in a short period of time was more than enough. "If anything, I was very naive," Ohanian said."
Reddit now has over 110 million daily active users and a market capitalization near $40 billion. Founders Alexis Ohanian and Steve Huffman sold the company to Condé Nast in 2005 for $10 million only months after launching it. Personal hardships and a desire for immediate, life-changing value influenced the young founders' decision to sell. Ohanian later reflected on naivety about the sale and the role his mother's illness played in reframing mortality. Huffman returned and led Reddit as CEO for a decade, while Ohanian returned in 2014 and later resigned over content moderation, urging a Black board director appointment.
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