Is reddit owned by a malicious entity?
Always has been.
As with many things under capitalism, the ongoing mandate is that profits must go up, and must go up at a higher rate no matter what, or investors panic and the price drops steeply which can lead to a collapse. Reddit is just another ravenous profit-seeking vehicle of the same kind and is going into the same "line must go up" death spiral.
I'm so very sick of the "sorry, but" delivery system.