Of all the characteristics associated with powerful people, morality is usually not the most important. However, Reddit co-founder Alexis Ohanian may well be an exception.
On March 21, 2024, Reddit was listed on the New York Stock Exchange with an estimated valuation of US$6.4 billion. After the stock price surged, the first day of trading ended, with its market capitalization reaching $7.7 billion. Ohanian — Reddit’s public face and husband of tennis legend Serena Williams — was conspicuously missing from the IPO ceremony and was nowhere to be found.
Despite his close ties to Reddit, he and co-founder Steven Huffman sold the company to Condé Nast for $10 million in 2006, about a year later. The company was founded in a dorm room at the University of Virginia. But the old friends maintained important roles on Reddit for years, until Ohanian took a brave stand against hate speech and gave up his seat on the board.
In 2020, Ohanian severed ties with Reddit amid widespread protests following his brutal police murder. george floyd, urging the company to replace him with a black board member (which Y Combinator CEO Michael Seibel did). The platform itself is the “front page of the internet” and has been heavily criticized for hosting channels that promote hate and racism. Many felt that Huffman (who also publicly denounced racism) was moving too slowly, and the two former business partners have reportedly stopped speaking since Ohanian’s departure.
“I write this as a father who needs to be able to answer his Black daughter when she asks, ‘What did you do?'” Ohanian wrote in his resignation letter.
Ohanian, known for his advocacy of inclusion, diversity and equal rights, has pledged to use future proceeds from his Reddit stock to serve the Black community and focus on curbing racial hatred. In fact, he was quick to show his mettle by donating $1 million to former NFL player and activist Colin Kaepernick’s Know Your Rights Camp .
“I believe that resigning can actually be an act of leadership by those currently in power. To everyone fighting to repair our broken country: Don’t stop,” Ohanian wrote in 2020.
From what we know, Ohanian is steadfast in his ideals and still prioritizing family over business, as he plans to skip the IPO and spend spring break with his daughters. “Everyone asks me if I’m going to NY for the @reddit IPO – it’s my daughter’s spring break so I’ll be taking her and the girls on vacation,” I posted on X.
Hoffman, who remains CEO, is facing backlash over his 2024 compensation package, which includes annual salary and a pre-IPO stock bonus totaling $193 million. Meanwhile, Ohanian’s total net worth is estimated at $150 million.But he recently Published on He owns some Reddit stock from when he was executive chairman a decade ago. Ohanian also runs an early-stage venture capital firm, SevenSixSeven, and now with the IPO, his wealth could be close to his wife William’s net worth, estimated at $300 million.
Regardless of the outcome of Ohanian’s IPO, he’s in good hands with Williams, who is making some successful investing moves. In a March 20 Instagram video, Williams showed us her strategy.
“Coming out of tennis, I’ve done a lot of investing. Mainly ‘us’ women, people of color and diverse people. I started investing 12 years ago and have over 14 unicorns in my portfolio ( companies worth over $1B). I love investing in and supporting people who have never had the opportunity to have their ideas funded. Did you know that before I started investing, female founders received less than 2% of venture capital funding? Me Efforts are now underway to try and change that number. “If you have a business, I’d love to hear your story. “
Entrepreneurs, do you hear this? We had a feeling her DMs were going to explode.