I don't get why a company who keeps the entire Internet talking on a daily basis is only worth less than $2B but a company that lets teens take snaphots and share them is worth many billions.
Reddit has a lot of users but it's hard to build user profiles for targeted advertising as there's a lot of anonymity and shot posting.
Teen snapshot sites are worth more because because its real people, posting real things. That data is valuable.
I feel that if someone were to target ads to me based on the subreddits that I subscribe to, they'd be far more relevant to my interests than Facebook ads. Facebook shows me clickbait spam that my friends liked; I almost never see any interesting ads there. Reddit certainly has more advertiser friendly information than Snap does. On Snapchat, you share photos with your friends and Snap knows nothing about you other than your location. Reddit on the other hand has confirmed interests.