Damage is done, there’s no coming back for reddit.
I don't know what reddit's corporate structure is, but if it's possible to shitcan spez and give up on the IPO, that's the only way I can see it making a comeback at this point. Other than that, yeah, the reddit we knew and loved is dead.
/r/videos just announced they'll be going dark indefinitely. It's a huge sun with nearly 27 million subscribers.