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Substack certainly knows this. It tried to raise last year, seeking $75 million to $100 million from investors. But it had revenue of only $9 million in 2021, and a sky-high valuation on relatively little revenue was not the vibe in 2022. The company gave up. On its Wefunder page, the company says that the pre-money valuation on Substack is now $585 million, a 10 percent decrease from 2021.

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Substack certainly knows this. It tried to raise last year, seeking $75 million to $100 million from investors. But it had revenue of only $9 million in 2021, and a sky-high valuation on relatively little revenue was not the vibe in 2022. The company gave up. On its Wefunder page, the company says that the pre-money valuation on Substack is now $585 million, a 10 percent decrease from 2021.
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Chris Trottier (atomicpoet@mastodon.social)'s status on Sunday, 16-Apr-2023 08:04:54 JST Chris Trottier
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To people who say that Elon Musk won't buy Substack because he could "barely afford" to buy Twitter: Substack is no unicorn.
Substack's current valuation sits at $585 million.
That might be an over-estimation because its revenue for the entirety of 2022 was probably $18.6 million.
Elon Musk bought Twitter for $44 billion. He can assuredly buy Substack if he wanted it.
https://www.theverge.com/2023/3/28/23660473/substack-retail-investors-revenue-profit

In conversation Sunday, 16-Apr-2023 08:04:54 JST from mastodon.social permalink