Content originally published at iBankCoin.com
Bloomberg is reporting that Reddit was seeking to raise $150m in new funds, placing the company’s valuation at a staggering $1.7b. This sounds like a fucking bargain, especially when considering the immense traffic on the site — which is now ranked #4 in America and #8 worldwide.
However, according to ReCode, the company barely made $20m in revenues in 2016 — which is an utter and complete disgrace.
The last time Reddit raised capital was in 2014, $50m at a $500m market cap.
At $1.7b, private markets, led by Peter Thiel, Y Combinator, Marc Andreesen and the rest of the usual fuckheads, Reddit is valued at 85x sales, or twice that of Snapchat’s.
I can’t wait to buy the IPO.
From a publisher’s standpoint, I have fixed feelings with the platform. On one hand, there isn’t a better place to find news and information than on Reddit these days. It’s even better than Twitter. However, they have super strict anti-spam rules, run by draconian moderators, who’ll ban your site in a blink of an eye if they get to thinking you’re trying to spam them. I get it. Who wants to get bombarded with bullshit content by publishers shilling for clicks? On the other hand, and unlike Twitter, it’s hard to get content shared on the platform, without using cloaking methods that feel nefarious and unbecoming of a gentleman of extreme honor.
In short, I hope the cannibals who run Reddit get maimed in a fire.