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If they were making money, they wouldn't have to keep taking VC money, and further diluting their ownership.

Having 10% stake in a 10b company is often better than having a 15% stake in a 5b one.

Now, question is does further investment on site like Reddit make them more valuable or just keep it running?

This leads me to wonder if the stock market goes down and VC dries up how long will Reddit be around?