He says, in the FA, that the problem was that Reddit's prices kick in 1 month from now, but plenty of people have already pre-paid him for a year at the old price. So he loses 50k the first month, then 10% of his user base re-ups at the new price and month 2 he only loses 45k, then another 10% renew and he only loses 40k in month 3... not really a sustainable way to run a business.