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As of August 2012, Reddit operates as an independent entity, although Advance is still its largest shareholder. In October 2014, Reddit raised million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.

The site is a collection of entries submitted by its registered users, essentially a bulletin board system.

Redditors can "friend" one another, which gives a redditor quick access to posting and comments of their friend list.

The commenting system and friend system, along with a certain "Reddit ethos" (called reddiquette on Reddit), lend Reddit aspects of a social networking service, though not to the extent of Facebook, Google , and other websites aimed at providing social networking services.

The points do not lead to a prize as they are meant to stand in as a badge of honor for the user among their peers, although redditors have attempted to redeem their points before.

Reddit also allows submissions that do not link externally.

The name "Reddit" is a play-on-words with the phrase "read it", i.e., "I read it on Reddit." The site's content is divided into numerous categories, and the most popular posts from these 'subreddits' are visible on the front page to those who browse the site without an account.

As of May 2016 can vote for or against them (upvote/downvote).

The "cake day" offers no special benefit, except that a small icon representing a slice of cake appears next to that user's name for 24 hours.

Posts are organized by subject into user-created boards called "subreddits", which cover a variety of topics including news, science, movies, video games, music, books, fitness, food, and image-sharing.

Submissions with more up-votes appear towards the top of their subreddit and, if they receive enough votes, ultimately on the site's front page.

Self posts previously did not accumulate karma points for the submitter, but As of July 2016 Reddit communities occasionally coordinate Reddit-external projects such as skewing polls on other websites, such as in 2007 when Greenpeace allowed web users to decide the name of a humpback whale it was tracking. Splashy Pants", and Reddit administrators further encouraged this by changing the site logo to a whale during the voting.

In December of that year, Mister Splashy Pants was announced as the winner of the competition.

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