this post was submitted on 28 Jun 2023
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Reddit's big and recognisable enough at this point that I don't see it "dying" any time soon, but it's certainly possible that this situation can result in some serious issues for their future growth potential and user activity. If a meaningful percentage of the site's most engaged users (the ones posting the content people come for) leaves or cuts back their usage, and the moderation on subreddits deteriorates as a result of the available moderation tools getting worse, Reddit might find its valuation moving in the wrong direction.
Just because we're unlikely to kill Reddit doesn't mean we can't affect the thing Spez and company are interested in - that IPO money. If the site becomes a Tumblr-esque wasteland of repost bots, AI-generated spam comments and OnlyFans sellers, it's a lot less appealing to users than when it was a real, living website with engaging content. And if users are on average less engaged, would-be investors are going to see that and pause. Remember that Reddit's taking its notes from Musk's handling of Twitter here - and Twitter still isn't any closer to profitability than it was when he took over.