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I don't understand the basic mental model people deeply invested in trying to profit off Reddit have about this, if they think Reddit comments are valuable enough to make Google bargain with them doesn't that mean they acknowledge that it is the users not the company that creates the value? Do the current owners seriously think that a totally adhoc system of unpaid subreddit moderators moderating communities of content solely provided by users who are NOT employees, communities which sprung up around different topics organically from the contributions of users who are NOT employees can be misconstrued as somehow a product of value created and maintained by the current management of Reddit?
Reddit is valuable because of the things said on it, not because Reddit is a particularly well designed business, nor even a remotely sustainable one longterm at least in terms of the immense magnitudes of profits that larger investors demand.
I suppose Discord killed off so many independent, open niche communities that Reddit thinks they can really get away with it, but the problem for Reddit is that the best parts of Reddit don't need a corporation to muddle with them, introducing a corporation just makes it worse in every way...