To put that into context, X, which has 250 million daily users (versus Reddit's 70 million DAU), and will bring in over $2 billion in ad revenue in 2023 (versus Reddit's $800 million) is currently valued at $19 billion.
But back then, Reddit was a far more lawless entity. Reddit was the home of leaked celebrity nudes, and horrific gore content, which, while clearly great for engagement, was not conducive to brand safety, and subsequent ad spend.
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