/r/theoryofreddit post asking why reddit seems dead
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Short short short short
Honestly the executive comp is outrageous for an unprofitable company, and yes, anecdotally it does seem to be shrinking, if not in sheer user activity, certainly in quality.
Didn't they start offering cash for activity like Twitter/X?
If people aren't posting because it's fun and because it's a "grind", the quality is going to drop significantly.