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I guess they couldn't replace all the mods and re-open all the subs
(old.reddit.com)
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Interesting for whom? You and me? Sure. Reddit? Nope.
Yup. But then that another reason for users to leave reddit behind. Which should interest reddit. But it's been clear for a while they can't even act in their own best interest.
Publicly traded companies by their very nature have to prefer short term profits. It's no surprise that Reddit does the same in preparation for going public.