Reddit's S1 is kind of fun. Let's break it down, everybody. 2023 revenue, $804 million up 21% year over year. They're still losing money. Net loss $91 million in 2023. Pre-cash flow is negative. They're kind of bouncing along the breakeven mark, as you can see there on the chart there.

Daily active unique $76 million up 27% year over year. Average revenue per user is incredibly low, $3.42. This was a business that the last couple of years had flatlined because it was only growing 5% a year in terms of usage. And then all of a sudden in the last two quarters, the usage started to climb pretty significantly.

Absent that growth story, it's a really challenged business because a business without much growth gets value typically on a multiple of the cash flow that they're generating, and there's less upside. For you to make an investment at a $5 billion valuation here, you've really got to believe that the growth continues at this rate, and it doesn't revert back to the mean growth rate of the last couple of years of basically 5%, which is roughly flatlined.