The other significant factor is that even their recently-slashed valuation was based on some degree of projected user growth. If you’re trying to IPO and your growth has flattened, it’s bad bad news. If your engagement numbers are actively moving backwards, that’s catastrophic.

Looking at posts per minute seems like a great way to judge the effect though. I anticipate Reddit, Inc. will attempt to downplay the effect by focusing on numbers that take engagement out of the picture, like Monthly Average Users. If you touch the site once in the month, even by absent-mindedly clicking on a Google result, you’d get counted in that for June. And they wouldn’t report the July numbers until August because, golly it’s an incomplete month. And by then, their hope is that the world will have moved on.

Internally, I’m sure there aware of the impact. But externally, I believe they’ll cherrypick favorable metrics to try and control the narrative for the investing & advertising communities.