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Alexis Ohanian, the American-Armenian businessman and co-founder of Reddit and Initialized Capital companies, has decided to step down as CEO of Reddit, relinquishing this position to an African-American; he announced about this on his Instagram.

Ohanian noted that he will see to it that he will be replaced by a black candidate, and Reddit's future revenue will be transferred to the fight against racial hatred.

Alexis Ohanian said he does this for himself, his family and his country, and as a father who has to answer to his black daughter when she asks him what did he do regarding this matter.

To note, Ohanian's net worth is estimated at $9 million.

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