Analysis
Whatnot's Real Take Rate Is About 12.5%, Not the 8% It Advertises
A 2.9% + $0.30 payment fee and a paid-ads layer stack on top of the headline commission, and Whatnot's own $8 billion in 2025 sales backs the math into roughly 12.5%.
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GMV
Every story tagged GMV — the campaigns, platform shifts, and research that touch it.
Tagged GMV
2 storiesMoney
Substack Raised $100M at a $1.1B Valuation on About $45M in Revenue
The $1.1 billion price implies roughly 24 times forward revenue, all of it earned by taking a flat 10% of writer subscriptions — a cut Beehiiv and Ghost are undercutting at the top.