The growth of that site has just been insane. I remember visiting it back in 2000 and there was hardly any content. Now it's probably has around 500 writers and close to a 1million members. I think he purchased that domain for around $20k and started it at age 21.
I've read they are estimating revenue for this year to be close to $130m! ... and it all started organically without any advertising.
His keynote was about shady affiliates running spam sites for a quick buck, not legimate venture-backed companies that are building long-term businesses.
If you're referring to companies doing multi million dollar deals that laugh whens some moron posts a six figure check, then yes, that is what his keynote was all about...