The TL;DR is that the VC/PE firm that owns 60% of Letterboxd is selling their stake in the company and some people are panicking because they don't want it purchased by a VC/PE firm.

There's a crowdfunding campaign trying to raise $100,000 to make an offer to buy the site for some public governance structure, with no explanation of how they're going to get the money to buy Letterboxd.

This could be interesting if the group asking for $100,000 had any plausible plan at all to fund their purchase, but if there is such a plan I can't find it.