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
