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Nextdoor’s Nirav Tolia thinks he can turn things around with AI; he has a lot riding on it
Social media is often about scale, but Nextdoor bet long ago on something different: that it could grow a big business off smaller, local communities. For
In 2021, Nextdoor went on to go public through a special purpose acquisition vehicle at a$4.3 billion valuation, but facing flattening growth and dwindling advertiser interest, the board last year asked Tolia to return. Just to give you a very specific example, we have something called a kindness reminder, where, before your post goes to the site, we run it through an AI technology that looks for heated language or expressions that we might describe as unconstructive. Cathy is someone who we feel very, very fortunate to have taken a large position in Nextdoor, but there’s an interesting thing that’s gone on in our industry: We are a subscale company, currently at a billion dollar market cap.
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