Reddit at its core is a utility. A "dumb pipe" operator whose main role is to keep the servers running and pay the bandwidth bills. Yet like so many (internet-based) utilities, they have delusions of grandeur, born out of a sense of entitlement to the incredible value produced by their users.

Why did they hire 2000 people? Nothing they have done in the last decade has provided new value to users. If they had simply accepted their role as a utility instead of chasing the mega-growth tech fantasy then they would be a (modestly) profitable company with 200 employees at most.