Steve Huffman Net Worth 2024

What is Steve Huffman’s Net Worth and Salary?

Steve Huffman is an American tech entrepreneur who has a net worth of $50 million. Steve Huffman is best-known for being a co-founder and present CEO of the social community Reddit.com. Huffman and his co-founder, Alexis Ohanian, met on the University of Virginia. They have been roommates once they conceived of the concept would ultimately change into Reddit. Reddit launched in June 2005 with funding from tech incubator Y Combinator. At the time Huffman hand-picked the entrance web page’s content material. On October 31, 2006, Alexis and Steve offered Reddit to Conde Nast for a reported $10 – $20 million. Huffman stayed on as CEO till 2009. He returned as CEO in 2015. In the years he spent away from Reddit, Huffman co-founded a journey web site referred to as Hipmunk. Hipmunk’s mission was to provide vacationers with actual time info and knowledge organized in a number of methods. Huffman has expressed remorse for promoting Reddit so early. He has additionally admitted he by no means might have imagined Reddit turning into as huge as it’s right now.

Salary & Stock Compensation

In February 2024, as Reddit ready for its IPO, the corporate launched an S-1 doc to the SEC that detailed “Executive and Director Compensation.” The submitting revealed that in 2022, Steve Huffman was paid a base wage of $200,000 and obtained a $125,000 bonus. He obtained $7,375 in “different compensation” for a complete of $332,375 in pre-tax earnings for the yr 2022.

The subsequent yr was a special story. In 2023, Steve’s base wage was $341,356. He didn’t obtain a bonus. He as soon as once more obtained $7,375 in “different compensation.” But that is not all. As you possibly can see from the screenshot beneath, in 2023 Steve obtained $98 million price of inventory and $94 million price of choices, to carry his complete compensation for the yr to…

$193 million

However. It’s not so simple as saying he at the moment owns $193 million price of Reddit inventory. Roughly 662,500 of the shares he obtained are performance-RSUs of Class B shares. First of all, Class B shares don’t commerce on the open markets. Secondly, he solely receives these shares if Reddit maintains a market cap above $5 billion after the IPO for ten consecutive buying and selling days. Furthermore, the train worth of those choices have been marked to a Pre-IPO quantity. We will not know the true internet worth of his choices till a yr after the IPO and the S-1 appears to point that he’ll obtain the choices over a even yr interval via 2030.

Here is a screenshot of the Executive and Director Compensation part of Reddit’s S-1:

 

 

Early Life

Steve Huffman was born on November 12, 1983 and grew up in Warrenton, Virginia. At the age of 8, he started programming computer systems and confirmed indicators of utmost proficiency in math and science. He attended the Wakefield School in The Plains, Virginia, graduating in 2001. He then enrolled on the University of Virginia the place he achieved a level in laptop science in 2005.

Reddit

During spring break of his senior yr at UVA, Huffman drove to Boston, Massachusetts together with his college roommate, Alexis Ohanian to attend a lecture. The lecture was given by programmer-entrepreneur Paul Graham. Huffman and Ohanian remained after the lecture was over to talk with Graham about a few of their very own concepts. He invited the 2 to use to his startup incubator, Y Combinator.

Huffman’s preliminary thought was for a meals ordering service that might enable customers to order meals by way of textual content message. The thought was referred to as My Mobile Menu. The thought was in the end rejected by the incubator however Graham then invited Huffman and Ohanian to return again to Boston to pitch one other thought for a start-up. It was throughout this session that the concept would ultimately morph into Reddit was fashioned. Huffman and Ohanian have been accepted into the Y Combinator. They launched Reddit in June 2005, funded by the incubator. Huffman had coded the whole web site in Lisp, a family of programming languages. Reddit was designed to be the entrance web page of the web, permitting customers to obtain information and work together with one another.

Within just a few months of the location’s launch, its viewers grew quickly. By August of 2005, Huffman realized there have been so many customers that he now not wanted to populate the entrance web page with content material, because the customers have been doing so themselves.

Conde Nast Acquisition

In October of 2006 Huffman and Ohanian offered Reddit to Conde Nast for a worth between $10 and $20 million. Steve and Alexis have been 23 years previous on the time. Huffman remained with Reddit till 2009, when he determined to go away his function as appearing CEO.

Hipmunk

After leaving Reddit, Huffman spent just a few months backpacking in Costa Rica. The expertise impressed him to create a journey web site. He co-created Hipmunk with Adam Goldstein, an creator and software program developer, in 2010. The web site was additionally funded by Y Combinator and was launched in August of that yr. Huffman served as the web site’s CTO.

In 2011, Huffman made the “Inc.” checklist of “30 Under 30,” which highlights 30 younger professionals all over the world who’re making strikes and carrying out spectacular and modern feats of their respective fields.

Return To Reddit

In 2014, Huffman expressed his remorse at promoting Reddit so early as he had not anticipated the web site would develop to the extent that it had. In July of 2015, Reddit employed Huffman again as its CEO, following the resignation of Ellen Pao. This was a very tough time for the corporate and Huffman reentered with quite a lot of particular objectives. These included launching Reddit’s iOS and Android apps, fixing the location’s cell interface, and creating new testing infrastructure.

Since his return, Huffman has managed to implement quite a lot of these technological enhancements, significantly within the cell house. He additionally has spearheaded new content material tips that embody a ban on content material that incites violence and cracking down on materials that serves no different objective than to make Reddit worse. He has defended a few of these selections by saying his and Ohanian’s authentic intention in creating the location was to create an open house for trustworthy dialogue, although the web site was not meant to be a Bastian of free speech. Ohanian has additionally given interviews during which he echoes related ideas.

Huffman has moreover labored to make Reddit extra pleasant for advertisers. He additionally led the primary main redesign of the web site in 2017, altering its person interface for the primary time in a decade. The redesign launched in April of 2018. In 2020, “Fortune” journal included Huffman of their “40 Under 40” checklist within the know-how class.

Personal Life

Steve Huffman lives in San Francisco, California. In 2009, Huffman married Katie Babiarz. The two had met whereas college students at UVA and maintained a long-distance relationship for quite a lot of years earlier than getting married. However, they’ve since divorced.

He enjoys ballroom dancing and has been competing in dancing competitions since childhood, together with whereas a scholar on the University of Virginia. Huffman additionally enjoys serving to college students discover ways to code. He mentors aspiring programmers at coding bootcamps, together with Hackbright Academy. He additionally has been an teacher for e-learning programs on net growth by Udacity and is on the board of advisors for the Anti-Defamation League’s Center for Technology and Society. He can also be an advocate for internet neutrality and encourages Reddit customers to contact their elected officers in Washington D.C. to precise their help of internet neutrality.