I think investors like the fact that Twitter and Reddit control all of the user data and (mostly) where and how it's surfaced. The idea is they can somehow mone

I think investors like the fact that Twitter and Reddit control all of the user data and (mostly) where and how it's surfaced. The idea is they can somehow monetize this data (e.g., ad revenue). Obviously they haven't been able to do that yet. There's a chance those platforms are very over-valued... but you can see where some people think the golden goose is.