I used to be a mod at /r/soccer.

I used it when it was a wild-west shitshow full of the same old posts. I used it for a decade, and when they needed mods in my timezone I thought I'd use the time I was gifted thanks to COVID and redundancy to help out.

Most mods have very little power, and a lot of scrutiny if there are more than a few mods. It's just a queue you occasionally look at to see what has been reported, and you action it based on the rules.

Especially when working for projects like Wikipedia and OpenStreetMap is way more rewarding

I moderated a mid sized sub for a while. Around 100k users. It was a hobby I was into and I figured may as well moderate because I was spending a lot of time on the sub anyways. It also let me put together some community events which were always fun. Once it stopped being fun and started feeling like a job, I left. I never really thought about it as doing free work for reddit and more helping community building for a hobby I had. People do it for all sorts of reasons. The "power mods" are really the issue.

They're paid in ego boosts. Unfortunately, it means that the types of mods that have hung on are largely the type that like to be paid in ego boosts.

Why would anyone invest in a corporation that doesn't pay it's workers who were also given the keys to parts of the business and can lock down sections of the business at any given moment.

Why would anyone invest in something so volatile.

It's only value will come when they finally make the announcement and launch the IPO ...... after that it will be worthless.