Lots of communities have started the process of migrating to different platforms. The federated alternatives like Lemmy have had recent success although I question the complexity of it in terms of getting mass adoption. Most of the alternatives seem to be missing the core idea of what Reddit really is (a community of communities). I think first and foremost the community aspect of Reddit is what makes it appealing.
I've been building a platform called Sociables which is intentionally not just another Reddit clone. We are trying to create an all-in-one place for people to create communities first and foremost and not just posts.
IPO or sell.
That is it. The bag the buyer(s) are left holding is not their problem.
What really boggles my mind is that the market would buy a burning building like this. Maybe there is some more money to squeeze out, but surely not enough to recover the alleged valuation.