stripe, airbnb, doordash, and instacart make sense because they offer a service people pour money through, and they can take their commission for facilitating the transaction. i would expect valuations to treat those companies better than ad driven link aggregation and message board hosting.
The fact that they offer a paid service is also their weakness in potential valuation, since they have significant marginal costs unlike Reddit. (Stripe is a bit different but I’m referring to Doordash etc.)
