Their advertising product and mobile app are so far behind it's unreal. Literally a decade behind their peers (Facebook, Twitter...).

They're now running to catch up with 2013 experiences as the entire social game has changed around them. Reddit isn't a hub for creator economy like TikTok, not a destination for shopping brands like Insta, doesn't have the graph data of Facebook, doesn't have the product creativity of Snap.

Now you could argue all of those things are basically garbage, but they're profitable garbage for a public company to be a viable investment.

What they do have which is valuable is a huge amount of what made specialist subject magazines valuable in the past. But they're not found a way to make that a money spinner - as useful as it can be for users.