Not every company runs like this. It's pretty common among tech companies that needed a lot of bootstrapping, but there are plenty of stodgy old producers who do not and who do plan more long term. Value investing is a long-standing philosophy and it has a dedicated "cult" but you don't hear a lot about those companies because they don't need a reality distortion field to make money, because they've basically already got a good concept.

Reddit is none of those things. It's a VC Frankenstein at this point and it's probably never going to make real money, so it makes sense that they're trying to change the recipe to at least get something back.