Facebook is profitable at the expense of its user base. Reddit is taking a longer view, in part because of the demographic that uses their service and in part due to what happened to Digg.
Given Reddit is 7 years old, it's a dangerous gamble they're taking in not developing some kind of sustainable business model, one that provides cover for disasters that inevitably hit. Obviously Conde may choose to provide for them perpetually, but that's extremely unlikely.
Then again, maybe they're at a large enough scale now to fully run off the Wiki model. More power to them if that's the case and Conde is ok with it.
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