Victoria, a Reddit employee, was let go with little to no warning. Victoria was essential, absolutely essential, for the smooth running of Reddit's very popular "ask me anything" site feature. Not only did she help out on /r/iama, where most celebrity AMAs took place, she also served the same role when AMAs took place on, say, /r/books by authors, /r/music by musicians, etc.
Her importance to the AMA system cannot be overstated. She was the one who served as the contact liaison with the people who would be answering questions. Oftentimes the celebs couldn't type as fast, or weren't familiar with the Reddit interface, in which case she would sit with them or talk to them over the phone, and read out the questions, and type their answers in. She has a crazy fast typing speed, like 200+ WPM. She was also very good at adding the answerer's speech quirks and inflections into the answers she typed.
Additionally, Victoria was a stickler for the integrity of celebrity AMAs. Sometimes PR firms or agents would try to pretend to be the celebrity, and answer AMAs on their behalf, but Victoria would not allow it. If she said she's sitting there with the celeb, or talking to them on the phone, you'd know it's a legitimate AMA. Also, she wouldn't dodge hard questions. She would faithfully ask the celebrity the hard questions, even if they wouldn't want to answer.
Victoria also had a reputation for being one of the most helpful members of the Reddit admins. She would answer questions from subreddit mods, and work with them to address problems. This is in stark contrast to the stonewalling most Reddit admins prefer, when dealing with their volunteer mods.
So far, no reason for the firing has been announced. There's lots of speculation, but nothing confirmed.
By firing Victoria, all AMAs on Reddit have been derailed. The volunteer mods of the various subreddits now literally cannot contact the people who are supposed to be answering questions, because Victoria handled all that. And the people who were meant to be answering AMAs are out of luck too. Victoria was based in New York, and that's where a lot of answerers would physically fly to, to attend their AMAs. There's an agent on Reddit complaining that his client's flown to New York already, only to find out upon landing that there's no longer an AMA to do.
Now, as a result of Victoria's firing, the mods for a bunch of subreddits have set their subs to "gone private", or basically shut down temporarily. This includes /r/iama, naturally, as well as a few others that did AMAs. Other large subreddits, though, like /r/todayilearned, /r/gaming, /r/history etc have also gone private in solidarity. The mods are doing this because they see this as the final straw, yet another symptom of the lack of transparency, communication, and consistency among the Reddit admin team. The mods feel their jobs have been made harder by the obtuseness of the Reddit admins, and firing a person that made their roles as moderators manageable was yet another sign of the admins' lack of support.
So, yeah, half of Reddit is basically inaccessible right now.
EDIT: Goddamit, /r/Fallout has gone down now too. Where am I gonna get my Fallout hype now?
EDIT2: I just realized I didn't specify why the loss of AMAs is a big deal. AMAs are a big deal because they're immensely popular, both among the Reddit regulars and among casual users. A celebrity answering questions can bring tens of thousands of posts to the thread, with the corresponding number of pageviews. This increases ad revenue and visibility for Reddit. Some people have gone so far as to say AMAs are Reddit's primary money-maker. They're so important to Reddit, the site made an AMA app for mobile devices before they made a mobile app for Reddit itself. So, basically, by firing Victoria, they're neutering one of their biggest sources of revenue.
EDIT3: This guy explains better than I can.
https://www.reddit.com/r/OutOfTheLo...was_riama_along_with_a_number_of_other_large/