• Sat. May 25th, 2024

Reddit Executives Sell Shares After Initial Public Offering, Stock Prices Fall

BySamantha Nguyen

Mar 28, 2024
Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

On Wednesday, Reddit CEO Steve Huffman and other top executives and board members disclosed share sales, just a week after the social network’s initial public offering. In response to this news, RDDT stock fell overnight.

Steve Huffman sold 500,000 shares on Monday 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, amounting to a total of $41.245 million worth of Reddit shares sold.

The Reddit stock experienced a 4.85% fall in late trade

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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