If you accept that facebook was worth $100 billion, and if you accept that instagram was a credible threat to facebook, then it follows that instagram was perha

If you accept that facebook was worth $100 billion, and if you accept that instagram was a credible threat to facebook, then it follows that instagram was perhaps worth 1% of facebook. Reddit is not facebook's or google's threat so its valuation is not based on a big company's valuation.