I know this is repeated over and over but in the case of Reddit I think it’s pretty true. They should never have taken VC money. I don’t think technically they are doing anything that is very tricky. They have surely innovated on their tech stack but even the things they have tried to do seem pretty miserable. Their media player is horrendous and while they do have scale problems, I don’t see much happening on the product side. They have not done much to make admin’s life easier. Beyond the new UI they got years back, I am not sure what they have done to improve the product.

Maybe I have not paid close enough attention but Reddit feels mostly the same since forever.