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Reddit Insiders Selling Days After IPO; Shares Fall

https://www.investors.com/news/technology/reddit-insiders-selling-days-after-ipo-shares-fall/

Reddit CEO Steve Huffman and other top executives and board members late Wednesday disclosed share sales, just a week after the social network had in its initial public offering. RDDT stock fell early Thursday.

Reddit CEO Steve Huffman sold 500,000 shares on Monday at an average $32.30 price, receiving $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million. Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million.

Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million. Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Board member David Habiger sold 3,000 shares for $102,000.

All told, that's $41.245 million worth of Reddit shares sold.

At least some Reddit share sales by CEO Huffman and other key officers was expected.

Reddit Stock

Reddit stock fell 4.5% to 55.15 early Thursday. Shares tumbled 11.3% to 57.75 on Wednesday. Reddit hit a record 74.90 intraday Tuesday.

The RDDT IPO priced at 34 a share on March 20, at the top of the expected range.

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Anyone who thought this wasnt just a cashout for the top dogs is incredibly naïve. They couldnt sell it so this is the next best thing.

Reddit will end up like so many other internet giants, offloaded to some IP farming conglomerate for pennies and ultimately just a footnote in an econ textbook

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Reddit will end up like so many other internet giants, offloaded to some IP farming conglomerate for pennies and ultimately just a footnote in an econ textbook

says increasingly nervous man

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Do you see any other possible trajectory?

Like hordes of tiktok brained gen alpha users are gonna descend onto a shitty messageboard

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