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I think that the Pao plot arc always planned on bringing Spez back.

Reddit - especially then - had a sort of reverence for the OG founders and discussion would often model them as the "real" redditors and people who really understood the community, changes since they sold were blamed on corporate interests and people were forever complaining that "shit like this wouldn't happen if ..." various founders or original staff were still around. I think it was always misplaced, but it was the culture at the time.

So Pao was brought in as a scapegoat - she was going to make wildly unpopular changes, take the heat, take a dive, and be replaced. She'd get a fat bag, an absolutely glowing reference on her CV, and a huge jump in her career - then Reddit would bring in the popular original founder that redditors liked and respected, and everyone would feel optimistic again. The changes would remain, the community would feel like they'd got their pound of flesh, that they had been appeased, and the site could get back on track.

Don't get me wrong, he's been a hack all along, he's been willing to sell his values to the highest bidder pretty much all along.

And now Spez is playing the same role. He's taking the face position and eating the heat over a bunch of shitty corporate boardroom decisions - that he definitely was party to - in order to inflate the IPO valuation and his cut of the cash. They're going to try and make it look profitable enough and healthy enough that someone else takes the hot potato and then make for the goddamn hills once they're not bagholding anymore.