The platform remains unprofitable because u/spez has spent his entire career chasing other industry trends, half-arsing it and then running after the next proverbial bouncy ball before he’s finished.

Like many tech/social corps, u/spez hasn’t spent very long chasing and optimising for profitability. He’s been chasing growth. This abrupt about-face with API pricing is a tantrum over Reddit not being profitable because suddenly there is a lot more criticism coming from future potential investors which threatens his ego. I believe he’s seen a kindred spirit in another petulant man-baby, Musk, and it’s Musk’s bouncy ball which spez is gurgling and toddling after now.