Sadly, I don't think he's wrong. It's quite easy to see how:
A lot of people currently on Lemmy still have a pretty big addiction to reddit - I've seen a lot of threads about how they instinctually pull up reddit
This is still a vocal minority. There were some statistics (I unfortunately can't pull up the numbers - I think I saw them on a subreddit that has gone private), where the number of people using third party applications was an extremely small number that probably won't move the needle for them revenue-wise.
That being said, I personally have been enjoying the discussions being had on Lemmy. It seems to prompt for better discussion, since it appears that most people here are more tech-adept and willing to go through growing pains. I'll likely stick around, but I wouldn't be surprised if the number of active users here drops once this blackout ends. Still hoping for a change.
Eh. I did open reddit by accident a two times today myself, idly tapping the Relay icon and swiping it away on the loading screen.
But... I've also nuked my post history on all of my alts. My main account was a contributor on some tech subs where, while I abhor reddit making money off my freely given contributions, I also abhor the wanton destruction of freely exchanged information at a cultural level.
I'm considering how I could spare those posts and nuke the rest while I figure how to rehost that content elsewhere. Then again, I got that same info from somewhere else, and those sites still work so maybe the argument is academic.
Even I don't know what I'm about to do yet. Interesting times, indeed.