Reddit to raise up to $700 million at over $10 billion valuation

Reddit will raise up to $700 million in a late-stage funding led by Fidelity Management and Research Company, the social media network said on Thursday, giving it a valuation of more than $10 billion.
 

In the ongoing round, it has already raised $410 million from Fidelity, thanks to its growing popularity as an online discussion forum.
 

Reddit's WallStreetBets forum has been at the heart of a boom in trading by small-time stock market investors this year that has threatened Wall Street hedge funds and sent shares in companies including GameStop and AMC soaring.
 

On the back of the trading frenzy,