THE NEWS WRAP: Most of Reddit back online, CEO apologises for letting its community down

Reddit chief executive officer Ellen Pao has apologised for the way in which the popular online message board handled the dismissal of a high ranking employee, The New York Times reports.

The dismissal of Victoria Taylor, Reddit’s director of talent, led to almost 300 subreddits – discussion areas for individual topics – going private in protest last week. Most major subreddits came back online over the weekend.

Pao apologised for letting the community down.

“We should have informed our community moderators about the transition and worked through it with them,” she says.

Indian startup BankBazaar raises $60 million

BankBazaar, a startup that lets Indian consumers compare financial products online, has raised $60 million, TechCrunch reports.

The Series C funding round was led by Amazon and included Fidelity Growth Partners, Mousse Partners, and existing investors Sequoia Capital and Walden International.

Americans stream 135 billion songs through first half of this year

Services that provide songs on demand, like Spotify, YouTube, Slacker and others helped Americans stream 135 billion songs and music videos in the first half of 2015, according to Nielsen data.

Re/code reports the figure represents a fundamental shift in how people listen to music. Digital song sales dropped 10.4% to 431.6 million.

Overnight

The Dow Jones Industrial Average is down 27.80 to 17,730.11. The Australian dollar is currently trading at US75 cents.

Raising your first round of capital? Starting a crowdfunding campaign? Want to grow your business with Instagram? StartupSmart School can help.