RaoulDukeJun 30, 2023

Fidelity deepens valuation cut for Reddit and Discord

https://lemmy.world/post/841684

Fidelity deepens valuation cut for Reddit and Discord - Lemmy.world

Show threadbaatliwala

Reddit, which is currently grappling a revolt from moderators of some popular subreddits over API cost changes, was valued at $10 billion when the social media giant attracted funds in August 2021. Discord raised funding in September 2021 at a valuation of $15 billion.

Uh is this a typo? Billion???

Jun 30, 2023 at 10:27amWeb
Show threadFanfictionConsortJun 30, 2023

It makes a lot of sense when you think about it.

Twitter was valued at 44 Billion, prior to getting Elon'd. Reddit was a similarly gargantuan site (Arguably, the Big Four sites were Twitter, Facebook, Youtube and Reddit), so even if its' users were famously worth the least of any users on major media sites, it being worth something in the lower billions checks out.

Show threadMadrigalJun 30, 2023
Yep. The value of social media platforms is not in the software, it’s in the users and the content they create. This is why Twitter went for like $45 billion even though a Twitter clone is a common “programming 10 project.