Reddit costs are not low, running the organization costs at least 400M per year. You might state that they’re doing many things that are not core to running a c

Reddit costs are not low, running the organization costs at least 400M per year. You might state that they’re doing many things that are not core to running a community backend, but you can’t separate the core business from the supporting activities. They would have never reached their current scale if they hadn’t invested in marketing and ads for revenue. And that would reduce the value of the backend.