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One thing this article made me think about, and hasn't been part of the conversation. Is that Reddit's path of enshittification means that what's next on the chopping block are admins.
If Spez (fuck him) is really on the path of emulating Musk's style of decision making and ideologically confused fascism. Then that means that not only is this thing meant to be just to keep the boat afloat until IPO. But it also means that a lot more changes will come that will start hurting employees as well.
This is why admins are probably hesitant to speak up about what is actually happening inside the company. The early mail about the protest was leaked, which I think showcases that there's at least some discontent with the managerial decisions among employees and admins.
Make no mistake, they are next, massive layoffs will probably ~~follow~~ continue and be more and more frequent now that revenue is down. I don't really think that most employees are too hype with the crypto garbage pivot either. Everyone's livelihood in that company is in jeopardy now that we know the CEO is willing to destroy everything and everyone just to ensure his paycheck at the end of his own Ponzi scheme.
Reddit already fired 5% of their staff before this. Though you're right that there is probably more on the way.