It is easy to say from the outside.. but everyone else seems to make it work. What makes reddit so special it shouldn't be able to afford to pay for itself? I

It is easy to say from the outside.. but everyone else seems to make it work. What makes reddit so special it shouldn't be able to afford to pay for itself? It doesn't make sense. Every social media company with this kind of massive userbase appears to be able to make good money, why not reddit? Sure, maybe they cant make Facebook levels of cash - but 10th most visited website, with what should be low hosting costs (mostly text), should be more than sufficient. If they can't make it work, they'd need good reason to explain what makes them different, IMO.