Economy

Tencent to Make investments $150M in Dialogue Platform Reddit

Tencent to Make investments $150M in Dialogue Platform Reddit”

TIME reports that Reddit users are rallying against censorship after news of Chinese company Tencent investing $150 million into the site.

Some Reddit users are concerned that adding Chinese blood to the website might result in a cleansing of anti-China comments in the Reddit community.

Reddit, which calls itself "the front page of the Internet", has estimated 330 million monthly users and was the third-most-visited website in the U.S.as of February 2018, according to Alexa Internet.

Tencent owns the all-in-one messaging app WeChat and is considered as one of the biggest gaming company in the world thanks to the ownership of the popular "League of Legends".

A Pooh picture, voted to near the top of the Reddit homepage, had the caption: "Since Reddit took a US$150 million investment from Chinese censorship company Tencent, please welcome our leader President Xi".

Chinese internet giant Tencent Holdings Ltd. was among the investors in the round, which values the link-sharing website at $3 billion.

To protest the move and express fears of free speech challenges on the site, Reddit users posted images which are banned in China, including the iconic Tank Man images from the Tiananmen Square massacre and pictures of Winnie the Pooh. The push appears to be achieving results, with the company's ad revenue reportedly exceeding $100 million for the first time a year ago.

Images of the storybook bear were reportedly banned online in China after bloggers used them to represent President Xi Jinping in posts.

It was later reported that Reddit users were unhappy with the news and flooded the site with protest messages following the reported investment.

Steve Huffman, Reddit's co-founder and CEO, told CNBC that Tencent's investments in video games - a popular content category on Reddit - is part of what brought the companies together.



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