Did they not just raise many millions of dollars in a new investment round? Did those new investors not receive a percentage of equity in Reddit Inc. as it is organized today?
You're right, mea culpa. It was a $50M investment on a reported $500M valuation. So 10% to the new investors (with a possibly defunct plan to give 10% of that, i.e. 1%, to the site's users), and 90% split between Advance Publications, ESOP, and the legacy angels (reported at less than 1% of the pre-investment total).
As for the ESOP percentage, all I've found is a reference in Forbes that describes it as a "sizable minority".
