CEO is in over his head: too in-the-weeds and micromanaging yet out of touch with the current state of the product. Noone in leadership manages up to him (likely because he wouldn't listen anyway) and instead there's constant churn in the product dev side of the business because of the HiPPO.
Tech itself is undifferentiated and beyond the inbound leads they enjoy thanks to earned media, their lunch is going to get eaten by bigger players that are wising up to the market opportunity of CTV for SMBs.
Toxic culture that doesn't value employees, customers, or partnerships.