I'm not really interested in what's going on at reddit anymore. Frankly, I hope a lot of them stay. Reddit has been awful and crazy toxic for a very long time. I'm grateful that spez has fucked up so bad that it's finally motivated enough people to create and seek out viable alternatives. I've been looking for a very long time and am so damn glad enough other people are also that the Fediverse is now viable and Tildes has enough users. This is a great fucking week in the history of the Internet.
A better way of phrasing it would be that reddit is saying the protest isn't having much of an effect. Which is clearly not the case. Or that the protest is working in the sense that it's dramatically disrupting reddit. The stated goals of getting them to change their policies seems unlikely to come to fruition though.