When he was forced to actually buy it (instead of just being a memelord), I immediately thought he would try to tank it (to the ends of whatever money juggling bullshit that rich people get up to).
Stories like this aren't doing much to change my mind.
I genuinely think he's trying to scuttle the site to hide negative press for him and other billionaires.
Sure he could have just shut it down immediately as he bought it but if he did that, everyone would go to a single alternative, doing it slowly means that the people leaving go to a myriad of smaller (weaker, less likely to survive and less influencial) sites instead.