Reddit was profitable way back. Capitalism would have allowed it to continue on in this state perpetually. Spez got greedy and wanted more money though.
I think this is where it's helpful to draw a line between regular capitalism and the late-stage hypercapitalism we've descended into these days.
My rule of thumb is that it's the difference between "we provide a service or make a product, and if we do it well, then we make money" and "we make money, as much as possible, however possible, and if we have to provide a service or make a product to do it, that's a necessary evil".
I wonder if another way to phrase the distinction would be whether the company's primary goal is to sell a product or service for a profit; or to manage financial instruments, such as a stock price or IPO or debt to some VCs or other investors.
It's not a perfect method, but it seems private company (with no intent to IPO and not a VC funded startup) vs public company seems to be a pretty good indicator of what a companies priorities tend to be.