Several subreddits are allowing porn and not-safe-for-work content to protest Reddit. In response, the platform has removed entire moderator teams from the affected subreddits.
Reddit has no idea how lucky it is as a platform. I've met and interacted with and learned from some of the most intellectual down to earth people on Reddit. It's a real shame. Hopefully those users will find other platforms and get away from the parasite that Reddit is becoming. And they want to go public? Need a new CEO.
Meta is a capitalist social media company and they seem to be doing okay. Facebook might be uncool with the kids these days but it's still massive. And Instagram and WhatsApp are still very popular.
I think the difference between Meta and Reddit is that I bet Meta would issue some sort of apology and carefully crafted PR if they found themselves in Reddit's current situation. But Reddit doesn't even seem to care about angering its users, which just feeds the anger more.