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Reddit plans to reserve shares for its big users in IPO, WSJ reports
(www.reuters.com)
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this post was submitted on 21 Feb 2024
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It didn't really help that the protest got sabotaged by moderators who did the protest, and continued using the site while ostensibly protesting. Couple that with poor communication, and it got received as much ado about nothing by a portion of the user base.
Especially since you had Reddit users who didn't want to move to another site. It certainly didn't help that Lemmy is still very immature when it comes to moderation tools/automation, and that if you're a newcomer, the whole server/instance thing is rather unintuitive if you're used to the "central hub" type system of Reddit.