Exactly what it looks like to me. This is clearly an attempt at driving up revenue for the upcoming IPO, but I think there’s a little more to it.

We all know that Reddit depended on third party apps for years before releasing their own, which is full of ads and all the other features they cram in there that long-term users don’t care for.

To me it looks like they’ve planned for this move to drive out long-term users, who remember old Reddit before the crazy amounts of ads, and will still have the people who will tolerate the official app, and the many people who have only ever used new Reddit and the app, and of course are used to the ads.

I think they’ve underestimated just how many of their mods and content contributors are using/dependent on third party apps.