This short discussion paper addresses how controversy is monetized online by reflecting on a new iteration of the shock value in media production, identified on social media as the ‘clout chasing’ phenomenon. We first exemplify controversial behavior, and subsequently proceed to defining clout chasing, which we discuss this concept in relation to existing frameworks for the understanding of controversy on social media. We then outline what clout chasing entails as a content monetization strategy, and address the risks associated with this approach. In doing so, we introduce the concept of ‘content self-moderation’, which encompasses how creators use content moderation as a way to hedge monetization risks arising out of their reliance on controversy for economic growth. This concept is discussed in the context of the automated content governance entailed by algorithmic platform architectures, to contribute to existing scholarship on platform governance.