There's a step before this. They're losing a lot of money because the choices they made to take investment to earn more money. They could've gone the route of wikipedia. They could've stayed extremely lean. They took $1.3 BILLION in funding, minimum. They have 500-1000 employees.
Its greed that they got here. They made choices, and then as a consequence of those choices they made choices that are significantly reducing the value they provide to their users. Its enshittification, its killing the golden goose, its destroying a public good for the benefit of investors who don't care about anything other than making a return.
The worst part is the investors don't care about anything other than making the numbers look good in the short term so they can dump their investment onto other investors. Its like all of corporate america decided to watch The Wire and go "Oh see how they're pumping up the numbers to make them look good for the mayor, but not actually solving crime? THAT should be our business plan!". Providing value is a side effect of making money, on the false equivalence that making money means you're providing value, so therefore making more money means you're providing more value.
