I had hoped that the leader of a community website would be willing to talk to their community.

Spez is now being outwardly hostile toward the community. His plan isn't working and he is afraid. From a strategy perspective, he should negotiate and for moderators, they should continue until he negotiates.
This doubling down by the moderators will work. The doubling down from Spez will only damage Reddit further.
When they IPO (assuming it is more than 50% equity) we could probably buy enough shares to force him and the board to resign.

I was hoping the threat of the blackout would be enough, but Reddit knows what it wants and will either force the change or die trying. This is not good community stewardship. We should all find a new home.

The win from the protest for me is discovering the Feddiverse. In time it will be just as good as Reddit for community and information. I intend to use it, and support it though content and money.

You should stay away entirely, otherwise you are detected as an active user, but my plan is to migrate away from Reddit regardless of the API outcome. They have made their company ethos clear and it is different from the community.