this post was submitted on 28 Feb 2024
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Here's a theory....
After the API implosion, so many active and posting users quit that the gap was filled with mainly bots.
Whether intentional or not, this gave the impression that Reddit was still active on paper.... The numbers said there was no significant change after the exedous.
When the Reddit admins figured out that a large portion of the site is now bots, they decided to chase the money before the site tanked completely.
This led to Reddit trying to cash in on the remaining users with more ads than ever, cash in on their advertisers, and cash in on the platforms (until recent) good image. Most people have at least heard of Reddit at this point, so going for an IPO now, when almost everyone knows that it exists, and only regular Reddit users are really aware of the enshittification happening. So they can demand a high price for the IPO, and collect a bunch of money before the enshittification is more well known, and the company tanks.
IDK, but that seems to be the way of things.
They've been chasing an IPO for years, it's not a quick process.