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Reddit, Twatter etc never made any money
Twitter made 44 billion dollars. Pretty sure it didn't cost that much to run. Ergo Twitter made money.
That's the big hurdle. That's the big catch. Social media companies are contingent on speculation to drive profits. Facebook isn't worth what it is without speculative buying in the markets. Twitter, same story. That's where reddit is at, they want a payday and to move on. The funny thing is this same reasoning exposes just how awful a businessman Elon Musk is. Twitter is going to literally drive him from the top ten richest in the world list all on its own. Give it time.
The funnier thing is Steve Huffman is such a loser he is looking up to Elon in this past week. The guy wants so desperately to be able to buy popularity like Elon did.
Profit. Not revenue.
https://www.businessofapps.com/data/twitter-statistics/#:~:text=twitter%20annual%20net%20profit%20%2F%20loss%202012%20to%202022%20(%24mm)
Twitter was profitable only in 2018 and 2019.
Twitter was purchased at 44 billion in late 2022. It did not cost Twitter 44 billion to run for the years prior. That is very much profit for those shareholders considering especially that 44 billion was a significant percentage higher than the value at the time. It cost less than half a billion to keep Twitter's lights on every quarter. They started in 2006. So assuming from the get go it cost half a billion a quarter (and you know it didn't right?) ... that's 32 billion to run Twitter the years it was open. And they sold for 44 billion, meaning 12 billion in profit in a windfall.
Still following?
And for a social media company's primary shareholders, selling that company is the ultimate goal and only way to realize true profits. That's the social media scam. Zuckerberg right? You think he wants to run Facebook? He has to, he's an employee at this rate. Well compensated sure but he doesn't pull the strings.
What's hilarious is Elon didn't understand all that. He bought Twitter for cash money. There is no way on God's green earth he manages to turn a profit with it because no social media company has been able to either - not with an entire board and public stock, so certainly not with a private company either. All the profit mechanisms they had before were contingent on the stock market, on speculation. That's all gone now. It's private. There is no public stock price to affect.