This is my thinking as well. IPOs are almost never profitable. If the stock lists at 50 a share, six months later it’ll probably be way closer to 20. And it’s not like Reddit is Facebook, either, if you want to compare it to another publicly traded social media website. Facebook, for all its faults, diversified its corporate enterprise years ago. It’s not just a social media company, but a legitimate tech conglomerate. It now handles payment processing, offer a functional storefront for small businesses, and also owns Oculus, Instagram, and a massive truckload of other shit. What does Reddit own? Well, it owns…Reddit. Its valuation is…maybe 15 billion dollars. What does it have to offer other companies? Well, it has user data. Which is not valueless, but also worth way less than it used to be since every single company you have an online account with collects and sells your data to someone else.