I think it is probably not a coincidence that, after so many years of running without sustainable profitability, Reddit is having these issues shortly after the

I think it is probably not a coincidence that, after so many years of running without sustainable profitability, Reddit is having these issues shortly after the free money ran out (i.e. interest rates rose). They cannot put off an IPO much longer, and even if they did that would just mean they need to pay their own way, which points also at profitability. Of course, just because they raise the prices on their API, doesn't mean enough companies will pay for it, to make them profitable. Just because they are forced into these measures (assuming for the moment that's true), doesn't mean that (unpaid) moderators will want to continue doing the job (in enough numbers) to keep things running. In other words, like cheap Uber rides, it may be that Reddit was never actually a viable business, it just looked enough like one that it caused investors to keep shoveling them money?