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Can anyone remember what share price Reddit offered to "power users?"
It was $34 I'm waiting for options to pop up so I can buy puts and make money on it dropping to $25 over the next 6 weeks.
IPO price, around $30, so it's up 50%.
Normal IPO, you have to hold like 6 months then sell. It artificially increases scarcity and keeps price up.
The reddit users can sell right now though, and if enough do it at once, it can scare off new buyers and make those who already bought after IPO sell.
It could waterfall and leave the traditional IPO buyers who can't sell get stuck holding the bag.
It was pretty damn high