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Illustration: Aïda Amer/Axios

Reddit said Monday that it raised more than $250 million in Series E funding from existing and new investors. Sources say the company raised the new funding at a $6 billion pre-money valuation.

Why it matters: The company has doubled its valuation since its last funding round of $300 million at a $3 billion valuation in 2019.

Data: News reports; Chart: Andrew Witherspoon/Axios

Be smart: It's a great time for Reddit to raise money. The company is experiencing record downloads and traffic amid the populist revolution on Wall Street that was seeded by retail investors on Reddit.

  • In January, Reddit’s mobile app saw 6.6 million installs globally, up 43% month-over-month from about 4.6 million in December, per Sensor Tower — it's best month ever.
  • The company said in December they have 52 million daily active users.

Details: In a statement, the company said it will use the funds to make more strategic investments in Reddit "including video, advertising, consumer products, and expanding into international markets."

  • In December, Reddit acquired Dubsmash, the short-form video app akin to TikTok.

Go deeper:

Go deeper

Dion Rabouin, author of Markets
34 mins ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.

Police officers' immunity from lawsuits is getting a fresh look

Illustration: Aïda Amer/Axios

Nearly a year after the death of George Floyd, advocates of changes in police practices are launching new moves to limit or eliminate legal liability protections for officers accused of excessive force.

Why it matters: Revising or eliminating qualified immunity — the shield police officers have now — could force officers accused of excessive force to personally face civil penalties in addition to their departments. But such a change could intensify a nationwide police officer shortage, critics say. 

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