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Louis Rossmann had a perspective that I'm starting to come around to.
Spez is just pissed. That's it. He's mad that he got shown up, and is actively punishing people for it. There's no logic or business behind it.
Actually, I subscribe to the theory that Spez & Musk don't care about losing money, because they are being paid under the table more than they're losing by far right dark money to destroy Twitter & Reddit. Both sites were pretty left leaning before the crap hit the fan, and the right are trying purge all liberals from them. I know it seems pretty "tin foil hat"-ish, but it also makes perfect sense when you look at how they've done everything they can to run the sites into the ground.