There’s always some value to vultures (and vulture capital) that want to pick over the pieces. It might even still have meaningful value as an ongoing social media platform. But the expected IPO value has dropped heavily in the past few years, and is likely to keep dropping. This really isn’t because of anything at Reddit, but of the financial markets in general.

The big question is how will investors feel about the potential for returns, i.e. revenues. I expect to see (well, read about) a whole lot of enshittification over there. Much more data mining, ads, freemium features, etc.