I think a quirk of reddit is that conventional finance doesn't account for its value. Reddit in and of itself just operates a barebones site as the article says. While the site itself is ostensibly worthless. It has had incredible amount of value to those using it for commercial and political purpose. Nation state actors too even (cougheglincough). These days what organization isn't using or trying to use reddit. Such things don't appear in financial statements. I think they've been propped up with funding for so long because its a nexus of zeitgeist. There are enough organizations who it is useful to such that it's better to keep reddit alive rather than risk having to establish their dark presence on new competitor platforms. I suspect spez knows he has everyone by the balls too.
Nothing happened. It was always like this. Geeks got unduly put on a pedestal. They got a reputation that was never earned. They're not any different than your typical psychopath executive.
I grew up in a town where a lot of these types of guys have become multimillionaires since 2010s tech boom. One person manages some hundreds of millions of dollars AI investment portfolio. That was before the GPT explosion. I have no idea how big they are now but I wouldn't be surprised if it's billions.
Growing up they were almost all psychopathic. Lying, cheating, backstabbing type of people. Nothing like the timid altruistic geek that pop culture proliferates. The more normal people did not go into tech. The actual timid types have had modest middle class careers in tech.