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I remember when Facebook IPO'd, it immediately dropped from its IPO price ($38/share) and eventually bottomed out somewhere in the teens. There was a lot of doom and gloom around that time.

Not saying Reddit is Facebook and you're probably better off putting the money in a more proven stock but a post-IPO price slump doesn't seem all that unusual depending on how it was priced.

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This is exactly what I remembered and I started buying FB under $20.

People said they couldn’t make any money, but my thinking was “they have a billion eyeballs, they’ll figure it out.”

I feel the same about Reddit.

Reddit tried ads in many forms. It didn't seem to make it rain though.

Facebook created the Feed and then figured out how to run ads on it in a way that didn't annoy users too much, combined with the laser targeting available thanks to detailed profiles and likes/follows.

Reddit does not have this, and despite years of trying new stuff, can't seem to create anything equivalent. The best they've come up with is selling users' creations for LLM training, and that has limited range with how many equal sources there are. Many of which are free.

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