That is exactly what he said. It's just not remotely what he intended. Bad faith etc.
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I'm not entirely sure why Reddit was going to charge outlandish fees for the third-party APIs. Looks like none of the apps are actually going to pay them, so he's not getting anything out of it. It's really a combination of pushing them out of the market and then being a smug little bitch that really nailed it in the coffin for a lot of people.