Via Yahoo, Reddit has made its first revenue report after entering the stock criminal market. Before the IPO it was owned by Conde Nast publications.
The report shows revenue of about 3 dollars per user, but that’s not profit. The site lost 7 dollars per user. As always VCs are seeking a tax loss gimmick, not an investment; but in this case the VCs are generating a much deeper loss for society.
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Reddit’s high-20% to mid-30% growth in daily average users seems sustainable on the steady increase of communities and content on its platform, which has boosted its relevance for training large language models,” Mandeep Singh, a Bloomberg Intelligence senior analyst, said in a note after the results were released.
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In other words, Reddit helps Satan Altman to suck out the soul of society. Much more thrilling for a VC than just dodging taxes.
Polistra's Mill 