Reddit has lost 2/3 of their valuation in less than a year, and that was before the protests. That’s not a success kind of metric. And that number is from the institutional investors saying how much they’re marking down their investments - it’s not like some people trying to tank the stock.
Basically, the metrics which have not not all been made public have made the people and institutions with a collective billions of dollars already invested in the company are the ones saying it’s in the basement.