§ 03WACC across the social-platform peer set

Reddit's 12.05% sits above mature platforms (Meta, Google) and below earlier-stage peers (Snap, Pinterest). The spread is driven almost entirely by beta — the market's read on revenue cyclicality.

Social / ad-platform WACC comparables (Q1 2026)

Company	Profile	Beta	Ke	D/V	WACC
Reddit (RDDT)	Community-driven social	1.55	12.05%	0%	12.05%
Snap (SNAP)	Visual-first social	1.45	11.55%	22%	10.30%
Pinterest (PINS)	Discovery / commerce	1.10	9.80%	0%	9.80%
Meta (META)	Social mega-cap	1.18	10.20%	6%	9.95%
Google (GOOGL)	Search + ads	1.05	9.55%	4%	9.37%
Roblox (RBLX)	Platform · gaming	1.70	12.80%	12%	11.55%

Source: Levered betas via Bloomberg 5Y monthly; D/V at market value; Rf = 4.30%, ERP = 5.00% applied uniformly. Pre-tax Kd from public bond yields where applicable.