Hypothesis: The owners of the company are no longer interested in keeping the business going, and are just trying to maximize financial return by selling off every possible asset. In Reddit’s case, the upcoming IPO isn’t the beginning of a new chapter in the business. It’s the end of the business. The most valuable part of Reddit is its fat corpus of content, built by volunteers over many years, suddenly made valuable for training AI.

MitchW: “Hypothesis: The owners of the company are no longer interested in keeping the business going, and are just trying to maximize financial return by selling off every possible asset….”