I see they're following the Tumblr model:
- Get bought at overinflated values.
- Ban all NSFW content.
- Users leave and seek NSFW content elsewhere.
- Valuation plummets.
- "Actually, moderating NSFW is really hard you guys. We're just going to try best efforts moderation only."
- Sell at near total loss.
- There is still NSFW content on the platform, and the policy is used as a cudgel against LGBTQ accounts.