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This is my take. If this held true, why are advertisers not pulling out or drastically limiting their deals with these companies? They obviously find the value proposition worth it, bots included. So, by that metric, I don't think they're overvalued. They're valued on what they bring in from advertisers and that seems to be working well. I wish it didn't (hence me being here), but reddit is exceptionally effective at delivering ads. I don't think reddit is going to fail as hard as we all wish they would.