Fidelity Investments

Fidelity Investments, operated by the privately held FMR LLC, is one of the world's largest asset managers and was, by several accounts, the largest outside investor in Reddit ahead of the company's 2024 public listing. Fidelity led Reddit's 2021 financing that valued the company at about ten billion dollars and built a substantial equity position through that and related rounds.

Reporting in the run-up to Reddit's March 2024 initial public offering described Fidelity as holding a stake of roughly nine to ten percent, placing it ahead of other large investors such as the investment vehicles associated with Sam Altman, who had led Reddit's 2014 Series B. Other institutional and venture investors, including Tencent, Andreessen Horowitz, and Sequoia Capital, also held positions, but Advance Publications remained the single largest shareholder overall.

Fidelity's involvement is notable because the firm's mutual funds periodically disclosed adjustments to their internal valuation of Reddit during the years the company remained private, providing rare public glimpses into how outside investors marked the value of the holding amid changing market conditions. Those markdowns and markups were reported in financial media as indicators of shifting sentiment about Reddit's worth before its shares began trading publicly.

Fidelity's relationship to Reddit is purely that of a financial investor; it did not have an operational or governance role in the company. Its position is generally cited in coverage of Reddit's cap table and the distribution of ownership disclosed at the time of the IPO. As an institutional backer, Fidelity exemplifies the later-stage, large-scale capital that flowed into Reddit in the early 2020s and that, alongside long-term owner Advance Publications, shaped the ownership picture presented to public investors in 2024.