What I see here doesn't look good.
https://bluefacts.app/bluesky-user-growth
Never mind the pivot to reddit.
https://www.cnbc.com/2026/06/04/bluesky-twitter-rival-reddit...
Source: Bluesky COO https://conference.publicspaces.net/en/session/growth-and-su... (somewhere towards the end in the Q&A section).
One way they failed hard is that they talked about how they were against the investors and VC incentives, then they took $100M from Bain Capital (PE) just after peak user count, but didn't tell us for almost a year. They could have put up a simple $5/month to support the cause, but they took investor money instead. This is why I left.