Most likely reddit is holding out till the IPO. Getting a new CEO beforehand would cause some chaos. Stability is what saves valuation. Reddit’s recent instability is what is messing with its worth.

Then reddit can blame everything on their scapegoat: spez. The old CEO gets a nice severance package for acting like the villain reddit needs till all the new changes are in place. Even if the CEO was not the only one making these decisions.

The new CEO will remove a few of the harsh changes reddit recently made; but not all of them. The people then rejoice as the new CEO is “nicer” than spez and the evil villain is gone.

It’s not like reddit can ever go back to the way it was; it wasn’t making enough money to please its stakeholders. The preceding sentence is why the fediverse is so important.