On June 12 - 14, 2023, thousands of Reddit communities will go on strike by becoming private due to the increasing price of the Reddit API (now $12,000/50M requests), driving third-party Reddit clients like Apollo out of business. Apollo estimates that they will have to pay $20 million annually to afford their user base of 680,000 people, which made Apollo developer Christian Selig shut the app down on June 30, 2023. Reddit Is Fun, ReddPlanet, and Sync will also shut down on June 30th. Some subreddits have also decided to not reopen on June 14, and instead close indefinitely until Reddit Inc. reverses the decision.
Will Reddit recover financially from The Great Reddit Armageddon of 2023? We will never know, because Reddit is a private company, therefore they do not have tradable stock or a stock price. But I highly doubt it.
by 2Fax4U June 11, 2023