The fundamental mistake in the article is assuming reddit is a social network, it is not. It's a user-curated link aggregator with a comment section, more like Hacker News (and Slashdot) in that regard than Facebook, Instagram or the other plethora of sites out there catering to the pop culture addicts.
The owners and dev team of reddit are desperately trying to monetize it, as the redesign with spaces clearly meant for ads to fit (and attempt at adding profiles) shows. But of course they are, reddit fluctuates between the 5th and 3rd most visited site on the internet. The problem is you have a userbase that is rather hostile to being monetized in this fashion. The majority of users (even the teens and graybeards) use adblockers of some sort, and are very voiciferous about doing so, including heaping insults on site admins and the company president.
What is interesting is that enticing them with things like reddit platinum/gold/silver (that removes site ads and a few other perks) works to a point. People on mobile ignore the official app and mobile site entirely in favor of apps like Joey (made by a redditor and is free of charge/doesn't display ads, even reddit ones) and Reddit Is Fun.
This all being said, screw advertisers, and I hope we drive the valuation to 0 cents per user.