I wish this was the cause but I think it's more insidious. When cash supply was cheap and people were stuck at home these companies saw explosive growth. Now the market is down and investors smell blood. They want payouts. This is for sure the story with reddit and it's upcoming IPO as well as Musk burning down Twitter trying to make up for the 1.5bn in debt it's accruing.

Facebook/Meta is trying to expand into new markets since their main service hit saturation ages ago and they've cut all they can. That means killing gfycat, making a Twitter clone, etc.