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OTOH, Many companies provide B2C services to million users for free as a side effect of raising awareness for their B2B paid offers. I wonder whether society should value this benevolent side effect to the point of reclassifying their primary purpose to "Providing a benevolent service". Yes, I'm almost being ironic because it's a failure of a business model, and I'm afraid of whether GitHub will maintain its public free service for long.

Maybe for late stage investors, but if you applied that strategy as an early stage consumer investor you would have missed almost much every big hit (FB, Twitter, Snapchat, Instagram, etc).

Twitter is a dubious hit. It's wildly popular, but its profits are very unimpressive, to say the least.

$20B market cap. You could argue it should be $10B, but 'dubious hit' for an early stage investor is ridiculous.

> $100 per user standard valuation

Is that actually a thing? If so, I can retire on the valuation of my obscure vanity blog, but I'm also worth a few million to websites I've accessed.