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Snoop Dog and Jared Leto flash the cash in Reddit's latest $50m fundraiser

Snoop Dogg and Leto endorsed the site despite celeb leaks

News reading site, Reddit, has closed its latest $50m financing venture receiving investments from celebrities Jared Leto and Snoop Dogg.

Sequoia Capital’s Alfred Lin and PayPal co-founder Peter Thiel also significantly contributed to the finance round for the nine-year-old site in addition to the musicians. This will help boost the news-rating site which now sees over 133 million monthly users.

Reddit, which can now be browsed on the Xbox One after a deal was struck with Microsoft last month, will use the money to expand - hiring new staff and developing the product.

The 60-strong team will improve the Reddit experience on the mobile platform in addition to improving the firm’s technical infrastructure.

Yishan Wong, Reddit chief exceutive, said: “We believe in free speech, self-governing communities, and the power of voting. We find that this freedom yields more good than bad, and we have chosen investors based on this belief.”

Furthermore, Reddit will release 10 per cent of the latest share offerings to the public to acknowledge the good the community and contributors do for the brand.

The site which professes to be the “front page” of the internet came under fire last month after it hosted the ‘Fappening’ leaks where stolen selfies of prominent celebrities were distributed across the net.

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