The July metrics must have shown them engagement is plummeting, especially content submissions, which have been garbage since the blackout. One look at r/all shows most posts being up for hours and sometimes days at a time - it used to be a matter of minutes. Doubtless this is also reflecting in their traffic metrics as well.

As someone who contributed there since the pre-Digg days, after discovering the Fediverse, I'm never going back. Reddit arrogantly assumed that there was no other platform mods and contributors could go to that would provide what they do. But when it comes down to it, the Fediverse does what Reddit did, with more features, flexibility, and without the threat of centralized mismanagement. The only thing Reddit had that the Fediverse doesn't was an audience of millions, but the audience follows the content, and the best place to create content online is right here, right now, right here, right now, right here, right now.....

Welcome to the next evolution of the web, Reddit, and to the realization that you pushed your audience to evolve past their need for you.