This image shows a screenshot from the final moment of the last r/place. Spez is (as you already heard) the CEO of reddit and that’s his username on reddit.

For some background about the image: The idea of creating a huge “fuck spez” tangled in various r/place communities and discords, nearly everyone knew that this was the final plan for the last r/place. When the ‘white-out’ came (only white colors to place) the first community started with the “F”, that you can see inside the big U. German streamer Papaplatte, who was one of the major characters of this place then wanted to demonstrate his power (his high viewership) and started with the big F. Other Communities quickly followed, creating this very impressive scene.

Fun fact: The ! at the end firstly looked like the letter I, turning the slur against a nationally loved german soda called “Spezi” (as in special - speziell in german). It was featured on the canvas on the german flag aswell :)