Shares of Reddit Drop as Insiders Sell Soon After IPO

Reddit Execs Sell $41 Million in Stock, Causing Shares to Fall 4.85%

Reddit CEO Steve Huffman, along with other top executives and board members, revealed share sales on Wednesday, just one week after the social network’s initial public offering. As a result, RDDT stock fell overnight.

Specifically, Steve Huffman sold 500,000 shares at an average price of $32.30, totaling $16.15 million. CFO Vollero Andrew sold 71,765 shares for $2.318 million, while COO Jennifer Wong sold 514,000 shares for $16.602 million. Additionally, CTO Christopher Slowe sold 185,000 shares for $5.975 million and Chief Accounting Officer Michelle Reynolds sold 3,033 shares for $97,966. Board member David Habiger also sold 3,000 shares for $102,000. This resulted in a total of over $41 million in Reddit shares being sold by key officers and board members.

Considering the size of the transactions it was expected that some Reddit share sales would take place by CEO Huffman and other key officers following these sales reddit stock fell 4.85% to 54.95 in late trade with shares dropping 11

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