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We'd need to see their financials, which is tricky since they aren't public yet. There's also the issue, Steve lies about everything, so should we believe he's telling the truth?
But my guesses would go like this:
Since they've been spending other people's money, they probably haven't been watching expenses closely. Their P&L is probably dominated by payroll and rent. I can't help but feel that programmers are drastically overpaid, which is a symptom of the same issues, that there's a lot of other people's money chasing a finite supply of techbros.
The reason I think programmers are probably overpaid, by the way, is the number of man-hours they allegedly put in, versus the quality of their output. Reddit is a particularly shocking example of this.
In any case, the other people's money doctrine is to grow into profitability, which means burning money on spurious shit until some magic happens. Not exactly a winning business model.
The same data you use to say that programmers are overpaid could be seen as an indication that professional-level software development is more difficult than you think and warrants the higher salaries. Programming is one of those things that almost anyone can do, but relatively few can do well.
Either way, if there were people who could do it better or cheaper they would be.
Edit: In the interest of full disclosure, my view may be slanted because I am a developer. On the other hand, that means I've seen the subject from the inside.
It is difficult and good programmers deserve high compensation, but there is a reason that there is the trope of the fresh out-of-bootcamp developer working 3 hours a week and making $600k a year
The software industry tried that, of course: replaced tens of thousands of software developers in the US with 'outsourcing' to India. Eventually, after fucking up things for tons of people, they figured out that actually working with a team of 20 year olds in a different time zone across the world who don't have perfect command of English is not worth the savings, as it takes 5 fresh Indian grads to do the work of 1 experienced US dev, and it still ends up worse.