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Reddit users face legal action for piracy of Onlyfans content
Reddit Logo
Reddit Logo Credit: Reddit

After copyright-protected content from Onlyfans was published for a long time without legal consequences on Reddit, a lawyer is now trying to take action against it.

On March 9, 2020, lawyer Jason Fischer sent a demand to Reddit to take content offline for copyright infringement. In it, the lawyer informed the platform that his client, erotic actress Natasha Noel, was the owner of the rights to various photo and video content posted on Onlyfans as well as other social media networks.

"Pursuant to the DMCA, we respectfully request that you execute the attached subpoena directing Reddit's records custodian to disclose the identities of its users," the attorney demands in the lawsuit. Reddit should turn over to the plaintiffs "any and all information" relating to the identities of the "individuals who posted the images and content" that previously appeared at the URLs listed in the lawsuit, he said.

Business • Markets
Reddit raised an additional $118 million to its Series E funding round
Reddit logo
Reddit logo Credit: Reddit

Reddit, which announced a $250 million Series E earlier this February, has added over $118 million to the financing event. The current round total is now $367 million, according to a new SEC filing. The filing shows that Reddit is aiming to raise $500 million in this round.

The Series E, which came from investors such as Tencent, Andreessen Horowitz and Sequoia, valued the firm at $6 billion, double its last valuation from two years ago.

Originally founded in 2005, Reddit has long existed on the nerdy side of the internet, where its text- and image-focused forums have devoted themselves to a wide variety of topics, everything from video games and GIFs to cute pets and cigarettes to Donald Trump and sports.

Business • Markets
Reddit raised a $250 million Series E funding
Reddit logo
Reddit logo Credit: Reddit

Reddit announced on Monday that it had raised $250 million in new funding, valuing the social news start-up at $6 billion. This is the company's Series E round of financing, and it comes hot on the heels of renewed public attention on the site that has dubbed itself 'the front page of the Internet,' owing to the role the subreddit r/WallStreetBets played in the recent meteoric rise (and subsequent steep fall) of the value of GameStop stock.

The company celebrates in 2021 its 16th year of operation, and, so far, has raised around $800 million. The latest round included financing from “existing and new investors,” Reddit noted in a blog post in which it announced the funding.

Business • Markets
Class-action lawsuit filed after multiple broker limit trade with GameStop stock
Class-action lawsuit filed after multiple broker limit trade with GameStop stock
Credit: Courtesy of Twitter

A Robinhood customer filed a class-action lawsuit against the stock-trading app Thursday after the company barred traders from buying shares of GameStop promoted by WallStreetBets, a popular Reddit group for investors. The lawsuit claims Robinhood's decision deprived retail investors of potential gains they could have made by buying when the stock was low and selling when its price rose.

In addition to Robinhood other brokers worldwide had limited the trade with GameStop and other stocks.

Business • Markets
Shares in GameStop have risen more than 1,900% this year, as Reddit traders retaliate against Wall Street funds
Shares in GameStop have risen more than 1,900% this year, as Reddit traders retaliate against Wall Street funds
Credit: Ser_Amantio_di_Nicolao / via Wikimedia Commons (Creative Commons Attribution ShareAlike 3.0)

Since January 1, despite no real change in the underlying business, GameStop's share price has surged 1,915 per cent.

Shares of video game retailer GameStop and movie theater giant AMC Entertainment soared to astronomical levels Wednesday as an apparent swarm of ordinary investors, spurred on by a Reddit message board, took on big Wall Street funds that had bet the stock prices would fall.

The GameStop and AMC price surges were so dramatic that trading for both companies was temporarily halted by the stock exchanges to temper volatility.

Technology • Internet & Web
Reddit is buying TikTok rival Dubsmash
Reddit Logo
Reddit Logo Credit: Reddit

Reddit said in a statement on Sunday that it has acquired TikTok rival Dubsmash. It did not disclose the financial terms of the deal. Dubsmash allows users to create and share video content, and it's especially popular with young, diverse audiences.

Dubsmash's three co-founders, Suchit Dash, Jonas Drüppel, and Tim Specht, will be joining Reddit with immediate effect.

Technology • Internet & Web
Reddit has banned the pro-Trump subreddit "r/The_Donald"
Reddit has banned the pro-Trump subreddit "r/The_Donald"
Credit: Illustration: Pendect

Reddit has deleted r/The_Donald, a popular and controversial subreddit devoted to Donald Trump with over 790,000 members. Reddit Co-Founder and CEO Steve Huffman said that r/The_Donald had consistently violated the community and content policies by harassing others with hate speech. The social networking platform is also banning another 2,000 communities from all different political spectrums, including the subreddit of the left-wing podcast "Chapo Trap House".

Reddit has further introduced new content policies and developed a new enforcement plan to tackle critical issues. The post stated that "no community should be used as a weapon," and that "communities and users that promote hate based on identity or vulnerability will be banned."

Technology • Internet & Web
Reddit co-founder resigns board and asks for black replacement
Alexis Ohanian
Alexis Ohanian Credit: nrkbeta (Creative Commons Attribution ShareAlike 2.0)

Reddit co-founder Alexis Ohanian has resigned from the company's board and urged Reddit to fill his spot him with a new black board member.

In a Tweet, Ohanian wrote: "I’m saying this as a father who needs to be able to answer his black daughter when she asks: 'What did you do?'".

Ohanian also announced he would donate all future gains on his Reddit stock to "serve the black community," and is immediately giving $1 million to Colin Kaepernick's racial-justice charity.