What went wrong at Reddit?

redditalienSarah Jeong reports on the bizarre and public wrangling over Reddit, whose free-for-all atmosphere blew up just in time to singe new investors expecting rapid growth. A labor problem, hidden in free speech posturing…

To outsiders, it looks like a form of collective insanity, a sign that Reddit itself is overrun with the denizens of r/CoonTown, utterly broken beyond repair. Yet Reddit still drives much of the Internet's traffic. How can such a mainstream site appear to be so fringe? … Reddit appears to be overrun by a racist, sexist fringe. It's not. … Reddit has driven itself into the ground by the same cost-efficient model that made it rise to the top. The site has a content problem because it has a moderation problem, a terrible labor problem that it has long hidden behind proclamations of "free speech."

The hostiles there are expected to get a haircut today, following the installation of co-founder Steve Huffman as CEO and hints at more moderation. But who gets paid?