Both are large-scale general-interest communities, but Reddit's valuation is $41.02 billion, while Zhihu's is $332 million. A 123x difference. If scale is supposedly the enemy of community atmosphere and content quality, and community ad monetization is inefficient, how has Reddit managed to solve these issues? - Reddit's Subreddit product structure (similar to Douban Groups/Baidu Tieba) isolates users, ensuring purer discussions and allowing everyone to find their niche; whereas Zhihu is dominated by recommendation algorithms, with everyone sharing one big timeline pool, leading to a stronger "bad money drives out good" broken window effect. - This product structure difference also results in a significant disparity in ad efficiency. - Zhihu, in its rush for monetization, encourages users to share "freshly made-up stories" and other premium content, making the platform's "knowledge" content lose its scarcity and high value. - Reddit, targeting the global English-speaking market, has a higher ARPU. The U.S. also has Pinterest, an e-commerce interest-based community, with a valuation of $17.6 billion—not small either. More details: https://(x.com)/Sea_Bitcoin/status/1990213277775966333 Additionally, in recent years, Xiaohongshu (valued at $31 billion) has risen rapidly, replacing several vertical communities like Mafengwo, Zhihu, and Xiachufang, siphoning off their content ecosystems and valuation space. From a knowledge-sharing perspective, platforms like Bilibili/Douyin/WeChat Channels offer more multidimensional formats compared to text and images. P.S.: The price change is due to a 6-to-1 reverse stock split last year.