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Valve runs its massive PC gaming ecosystem with only about 350 employees
(arstechnica.com)
This is a most excellent place for technology news and articles.
They just provide a service good enough for the more toxic gamers so they won't get harassed, nothing more beyond that. They have almost nonexistent moderation, and no longer are developing games.
They are developing a game at the moment, Deadlock. Lots of footage and a dev build leaked a few months ago.