Several major subs have closed, they're forced to campaign to keep mods, a significant amount of content generators have left. Even though it's been only a couple weeks, they've slid on the global index of visited sites. They've lost 3-4% of 1.7 billion views in weeks. That's 10's of millions of ads not delivered. That alone is several million dollars lost on a site trying to be profitable. This doesn't include people on the fence, people currently unaffected because their app didn't die until this week, or people just watching the drama until it's boring again. Also, Reddit depends heavily on free labor to succeed, the bulk of the community that is leaving is their free labor pool. They don't have the cash to pay moderators for their time and they just removed the tools that let those people do their work.