How is reddit not making a profit?

No, i’m not even thinking about investing in it. But reading about the IPO it is still not profitable?
How is that possible?
A brilliant program that magically elevates good content and is the go to place for 70 million daily active users.
How are they not making money and what the hell will they do with investor money that they are not doing now?
All this time i thought it was a cash cow.



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