The landed gentry are only in charge until the king comes to town and chops off a few heads. At least that seems to be the case at Reddit, where CEO Steve Huffman pretended his complaints about current moderators — who were protesting his decision to effectively cut off API access to tons of useful…
Yes, that was funny and kind of endearing. Back then it also seemed like the goal was more to stay as kind of a community service, but of course the servers needed to be paid. Now it seems like they want it to return huge profits like Facebook and YouTube. It seems like a completely different mentality, where the ideals have vanished. And this is very clearly reflected in the userbase IMO.
During a part of that, reddit was a loss-leader subsidiary of Condé Nast. The magazine side took care of all the “corporate” stuff (legal, hr, marketing), letting reddit itself be lean and fast; it was all engineers more or less, and they all used reddit all the time.