Say what you want about the theft of hundreds of nude photos of celebrities — according to Silicon Valley, it was good business.
Analysts are claiming the news/catchall site Reddit has increased its value by $100 million after being one of the main sources for nude photos during the event now known as “The Fappening.” Reddit, which had an investment value of $400 million in 2013, is now close to selling Silicon Valley investors $50 million worth of Reddit stock — a move that shows the company is now valued at $500 million.
Media empire Conde Nast bought Reddit in 2006 but spun it off into an “independently-owned entity” with Conde Nast being its largest shareholder. Now the company is expect to make a mint from an influx of interested shareholders.
Somehow it’s not surprising that it took a bit of sleaze for Reddit to become more valuable. What is interesting is that they’ve taken a hard stance on the nude photos and deleted everything related to The Fappening from Reddit. This comes on the heels of Alexis Ghanian’s comment that each person is “in charge of their own soul.” So the subreddit r/PicsofDeadkids remains (no we aren’t going to link to it), but copyright law has excised the skin pics.