If I was a VC, I would want a glut of ad-sensitive, lowest common denominator users. Think your Aunt on Facebook, or your sister on VSCO, or your young nephew on TikTok. I don’t think those people are necessarily attracted to the overall community attitude(s) currently on Reddit.
I would never call the ex-Hacker News/Digg Redditors smart. But.
Those users do have certain proclivities that make them EXTREMELY unattractive to investment dollars. Strong interest in anti-mainstream topics, including the 3Ps (Privacy, Piracy, and Pornography) doth not good ROI make. This exodus of users and elimination of features, outside looking in, seems like a misstep. I’d be skeptical.
I commented this on the other thread, and reading your comment, I think you’re 100% right. The IPO dream right now is to try and tap in to the type of casual audiences that YouTube and Twitch maintain, and the best way to accomplish that is a dedicated fleet of power users that generate content, are barely compensated, and do 99% of the marketing for the platform.