Reddit’s CEO has just become a billionaire—a staggering 20 years after co-founding the company fresh out of college with $12,000

Core Insights - Tech entrepreneurs are rapidly achieving billionaire status, exemplified by Scale AI's Lucy Guo and Alexandr Wang, while others like Reddit's Steve Huffman have taken longer to reach this milestone [1] Company Performance - Reddit reported a net income of $163 million, marking its fifth consecutive quarter of profitability since going public in March 2024 [2] - The company's stock closed at $208.95, reflecting a 7.5% increase from the previous day and a 75% rise compared to the previous year [2] Executive Compensation - Steve Huffman's net worth increased to $1.2 billion, largely due to his 3.1 million shares in Reddit, representing a 2% to 3% stake in the company [3] - His executive compensation totaled $193 million, which included a $550,000 annual salary and significant stock options [3] Company History - Reddit was founded in 2005 by Steve Huffman and Alexis Ohanian after their initial idea for an online food delivery service was rejected by Y Combinator [5] - The platform was initially funded with a $12,000 grant from Y Combinator, and within 16 months, it was acquired by Condé Nast for $10 million [6][7]