Reddit Inc’s valuation has more than doubled to $6 billion after it raised more than $250 million in a new round of funding. It has been at the core of the recent social media-driven retail trading frenzy.

In a statement, Steve Huffman, the social media company’s CEO said, it is a good market to raise funds. 

“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” said Huffman/

In a blog post Reddit stated, its advertising revenue increased by 90% in the last quarter compared to a year earlier.

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Tags: advertising revenue, CEO, fund raising, funding, funding round, raise funds, Reddit Inc, retail trading, social media, Steve Huffman, valuation, valuations