Yes, Reddit now is truly worthless because:

• it’s riddled with bots, so humans can’t have real conversations
• AI companies already scraped all old content and now they can’t scrape the newer content because it’s poisoned by AI itself
• Google won’t index subreddits anymore now that you can’t see the content unless logged in

I promise you your definition of worthless is far different than an investors

The stock market is overwhelmingly owned by about 10% of Americans who tend to be on the very wealthy side and the “mindless capitalism drones who simply want number to grow” side. They just see user growth and applaud. They love this change and all the changes Reddit has made over the past few years because it means harder to scrape for free and more likely to convert casual browsers to users

What is potentially killing Reddit (and twitter, Facebook, etc) is that advertisers are starting to lose patience with bot activity, which is the overwhelming amount of content on social media. The misleading statistic that those companies throw out is that bots make up a (relatively) small amount of accounts, which is arguably true, but sidesteps that those bots post like crazy. Thus the “power user” effect, where 5-20% of the user base makes up like 90+% of content. Advertisers are getting wise to the fact that an overwhelming number of social media interactions are just nothing (and no one they can sell to) and they’re starting to demand better analytics as well as run their own

This is where Reddit is potentially screwed; meta has dozens of other things to fall back on besides ad revenue. Twitter has Elon propping it up. But this is still pretty wishful thinking, the reality is that Reddits valuation will likely be propped up by institutional investors for years, maybe decades, on the hope of something that never comes (see: Tesla). The quality of the site is essentially irrelevant