Reddit *still is * a bottom-up community, that's why all their monetization efforts never worked and there's so much backlash against the API changes. All of the content and value on the site is created by the users and mods. Reddit the company doesn't own that, and redditors take offense at management's attempts to take advantage of the users' free efforts for their own gain.

What Huffman and Reddit should have done was think long term and set up a Wikipedia-like entity that could have ensured the health and growth of the site while only taking a modest cut. Instead they tried to pump up the value and cash out with an IPO, and when that likely fails, they'll end up with nothing.