We will see in few months what is the situation and if someone manages to advertise an alternative for millions of people.
Then, Reddit IPO is doomed. If there is no new significant alternative where people will go, then IPO will probably continue as planned and API change went well from the Reddit’s perspective.
Worthless under their current model. What if their new model is to simulate other users with ChatGPT? Many users don't engage with comments beyond voting/reading. How long would it take them to notice, and if they notice would they care?
Can Huffman coast to IPO, grab the money, then bail?
Because there are a great many people that have legitimately used Reddit as their "frontpage of the internet" for years and don't enjoy the form factor that other websites / apps provide. Places like Twitter and TikTok aren't everyone's cup of tea, especially if you're not the type of person that just mindlessly ingests content.
My take is that this type of person is more likely to not need to replace their feed fix with another feed and is more likely to pursue fulfillment in other areas of life.