I mean, it sort of is. Unless the fed is involved in this billionaire conspiracy also (which the nature of conspiracy theories will undoubtedly have someone saying of course the fed is in on it with the billionaires).

The simple answer really does make the most sense here. Interest rates are on the rise, and platforms like twitter and reddit have been around for a very long time and none of the venture capital backing them has ever turned a real profit despite the money being pumped into them. Investors will pull out money from the riskiest items first when interest rates rise, and the riskiest items are social media platforms that haven't demonstrated monetization potential even after a decade of use and monolithic control within their spaces. If a link aggregator like Reddit, which is really the only major player in its brand of social media can't turn a profit with basically no competition why would you continue supporting it?