If you listen to the call this Christian guy literally said: "if your opportunity cost is really $20 million, you cut me a cheque for $10 million dollars and we can both skip off into the sunset"
A joke, seriously? Why on earth would you say this in what was audibly a very tense, high-stakes call and negotiation for both sides? There is no excuse whatsoever.
Very funny, because one week later he dishes reddit and Steve the biggest shitstorm in the entire history of the site - which it would be even without all the blackmail call drama. Hello? Costing and causing surely 10s of millions in damage.
Can we appreciate that even if this Christian guy is just so genuinely ignorant, selfish and toxic without intentionally meaning any harm that at least Steve certainly was fully aware of all the implications, the seriousness and non-funny nature of the conversation?
He had and has every reason and right to feel blackmailed. The only interpretation one can take away from Christian's behavior now is that Steve had better taken him up on the "joke". Clearly, the PR disaster could have been avoided by paying up instead of accepting the cost and reacting exactly as Steve did - in the call Steve rejected the offer and notion of doing any deals. The way he apologised is what you do to save the other person's face and keep the door open for the relationship. It's not what you literally think and mean.
Steve was never going to go back to his team and say "silly me! I'm such an idiot for getting this idea into my head. That he's threatening us because he's about to shut down, cause maximum damage on the way out and stage a user revolt. When he was just trying to entertain us with a funny joke about us buying him out for $10 million. When we have no legal or moral obligation to do so. I love him, he's so funny, glad I apologised on the spot.".
If anything, one should pay some respect to Steve, not taking up the blackmail and steering head on into this mess. Good luck!