My instinct is that Reddit as an organization and as a set of employees are B players, and for that reason a place like Facebook would not want to acquire them.

My instinct is that Reddit as an organization and as a set of employees are B players, and for that reason a place like Facebook would not want to acquire them. We’ve seen Reddit “execute” a new site design, we see people complaining about being unable to buy ads, and we’ve seen the board’s competence level in finding CEO’s. For the acquisition to break even, you would have to burn down the organization you just acquired, and fix it with your own people. It’s like a bar of gold wrapped in poop. Do you really want to clean off the poop? It might be fool’s gold.