If I recall correctly, he had the x.com domain and tried to rebrand PayPal to X. The board went, “are you a fucking idiot?” and replace him with Peter Thiel.

He’s been trying to call stuff “X” since he was an edgy teenager. He just never had the good sense to grow out of it, and he fell ass backward into enough money that we all get to watch him go all “Star Wars kid” over and over again in public.

They weren’t going to make everyone happy. They want vastly more money, and every way of squeezing money out of a thing makes the thing suck more. They certainly could have fucked the PR aspect less severely, but no business in history has ever had anyone enjoy the part where VC investors try to get their returns.

They don’t want the developers to pay anything. They want the developers gone so that all the users are monetizeable through ads.

Stickers and Reddit gold are, by the wildest and most nonsensically optimistic estimates imaginable, not going to be even in the same state as the amount of revenue they’re looking for.

Venture Capital isn’t compatible with asking people to pay what something is worth. You might find a fair price that keeps enough users to make the business sustainable, but that’s what they derisively refer to as a “lifestyle business”. VCs are looking for 100x profits in a couple of years, and that necessitates slimy revenue models. Nothing else works.

I mean, there was never going to be an ending here where they came out and said, “You know, we’ve heard you, and more importantly, our VC investors who’ve given us 1.3 Billion dollars have heard you, and they’ve told us that your community matters more than their exit.”