I'm so split on Reddit. While I agree with most of what you said the decline in quality of both content and comments, and the extreme moderation which has occurred over the last 4-5 years would really worry me if I was an investor. Presumably as a public company they would come under even more scrutiny for edgy content and feel the need to moderate content even more. And in general as the size of a social site's user base increases, the quality of the content drops as content starts to reflect the common denominator of its users.
I also feel like all social media the there are very toxic aspects to Reddit. I used to be very active on there, but after receiving constant abuse and very few constructive replies I now rarely participate in discussions there. Again with the company going public like Facebook and Twitter, Reddit could come under more scrutiny for this.
Assuming you buy for a fair valuation I don't think it's a bad investment per say, but I think there are a lot of risks there. I find myself wishing for an alternative to Reddit a lot these days because I really miss the high quality discussions I used to have there 10 or so years ago.
I also feel like all social media the there are very toxic aspects to Reddit. I used to be very active on there, but after receiving constant abuse and very few constructive replies I now rarely participate in discussions there. Again with the company going public like Facebook and Twitter, Reddit could come under more scrutiny for this.
Assuming you buy for a fair valuation I don't think it's a bad investment per say, but I think there are a lot of risks there. I find myself wishing for an alternative to Reddit a lot these days because I really miss the high quality discussions I used to have there 10 or so years ago.