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Which really make one question the valuations that are out there. If reddit isn't at least a billion dollar company by this measure I don't know what is... Yet they continue to struggle to make operating expenses.

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Run rate and valuation are not always directly tied. In all of these cases--Twitter, Instagram, Imgur, Reddit, 9GAG--it's about the community.

Reddit may certainly be worth $1B+, but no acquirer wants to buy them and lose money keeping the site up.

Well yeah, but they arguably should be part of the valuation model. I realize there's a lot of speculation, past investment history, etc. involved in the valuation, but at some point how much money a company is making and can realistically make should be part of the figuring.

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