Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

Reddit Executives Sell Shares Following IPO, Causing Stock Price to Drop

Reddit CEO Steve Huffman and other top executives and board members sold a combined total of $41.245 million worth of shares in the social network just a week after its initial public offering (IPO). In response to this news, RDDT stock fell overnight.

On Monday, Huffman sold 500,000 shares at an average price of $32.30, resulting in a total of $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while 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, and Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Additionally, board member David Habiger sold 3,000 shares for $102,000.

The Reddit stock experienced a 4.85% fall in late trade on Wednesday night after reaching a record high of 74.9

Leave a Reply

Track the Money: Leveraging platforms such as | Webinar Previous post Investigative Journalist Karl Stark to Lead Webinar on the Business Side of Healthcare
Data illustrates the dynamic economy of Ely Next post Ely Outperforms Iron Range Communities in Business Development Thanks to SBDC Services