For sure, they have a serious problem with how to monetize their user base, but if someone asks "Well after the exodus"... they'll just turn around and say "At the end of July we had the most user ever interacting with our system, our future is healthy.

Honestly, reddit is going to become a more decrepit place over the next five years, especially with this IPO. It's turning point hasn't happened yet, but it's definitely starting to move towards it.