I can't even imagine it being about the IPO anymore.
There might have been some concerns about profitability numbers for an IPO, but I don't think that's something you can right in a hurry. If the investors didn't like "N quarters of losing money", will they be that much more impressed by "we slashed and burnt big chunks of the platform, but we don't really have any clue if this will stick?"
More importantly, they had a strong narrative they could sell investors: They were the "anti-social media social media". Users remained largely in control of their curation, the content was less ephemeral and more indexable. They were perfectly positioned to differentiate themselves as other big players went whole hog on the "the algorithm is mostly standing between you and what you want to see" models.
Does that narrative hold up when their user base is either fleeing or feels held hostage?