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Re:Apollo’s Christian Selig explains his fight with Reddit –... by proamdev123 on Tuesday June 13, 2023 @01:04PM (#36313266)
Your interpretation sounds reasonable until you consider the fact that Reddit led with the “shakedown” (to use your word). Here’s a shortened version of the exchange:

Reddit: You will now pay us $20 million per year or we’re shutting you down. You have 30 days notice. Apollo: If Apollo is really costing you $20 million per year, you could pay us $10 million to stop, and you’d come out way ahead! I’m half joking.

Reddit: Are you threatening us?!

Apollo: No, I was just jokingly making a point.

Reddit: “Oh, I misunderstood. I immediately apologize.”

Reddit (to mods publicly): This guy is threatening us!

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Wait, what?

Who’s threatening who????

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