I've no doubt that money is made from the ads on Tattle (I run a site with much much less traffic that makes about a fiver a day), but let's not forget the hosting costs, website maintenance costs, moderator time (time has a value), and everything else that goes with running a larger website. SSL certificate, malware plugins, etc. I for one don't begrudge the owners of Tattle making money from ads.
(Most ads these days make money on clicks not page views, and I suspect that as we're a pretty savvy lot, Tattle aren't making as much as Jack thinks.)