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The saddest part is it didn't need to be.
Imagine if, instead of going for an IPO and all this, they operated it as a non-profit? If they just tried to be a cool place for users, like it was for 10 or 15 years already.
Instead they have to drain the blood out of it and sell it for parts and wonder why it died.
That's just capitalism working as intended.
The investors aren't wondering why it died, they're wondering why they waited so long to kill it for profit before moving onto another thing to kill for profit. They know enough about business to know their actions will destroy the site, but they also know that the money they make just beforehand is enough to make a good return on their investment before they leave. That's the issue with making a system motivated by profit; it's profitable to run a business well for a long time, but it's even more profitable to run it poorly for a short time and then leave.