This valuation is actually only as of May 31st, released a month later. If we want to see the impact of their shenanigans, we wait another month to see what they value it today.

FTA:

The updated share value suggests a $5.5 billion valuation for Reddit. […]

[…] currently grappling a revolt from moderators of some popular subreddits over API cost changes, was valued at $10 billion when the social media giant attracted funds in August 2021.