this post was submitted on 28 Mar 2024
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Reddit Insiders Selling Days After IPO; Shares Fall (www.investors.com)
submitted 8 months ago by [email protected] to c/[email protected]
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[–] [email protected] 0 points 8 months ago (1 children)

Does this mean that they don't believe in reddit or is this normal? I really don't know personally.

Reddit CEO Steve Huffman sold 500,000 shares on Monday at an average $32.30 price, receiving $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million. 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. Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Board member David Habiger sold 3,000 shares for $102,000.

[–] [email protected] 0 points 8 months ago (1 children)

Does this mean that they don’t believe in reddit or is this normal?

It's pretty normal I think. This is how economy works these days. Companies IPO to turn the shares into liquidity. It's all so that the greedy people at the top can get their payday.

[–] [email protected] 0 points 8 months ago (1 children)

So they don't care about the company or this is so normal that they'll continue as they have been and no one thinks it's anything?

[–] [email protected] 0 points 8 months ago

They hopefully would plan on continuing as normal even if they expect the company to tank. Otherwise it would be an obvious insider trading violation I think. Of course CEO is a bit of a fanboy of Musk, who regularly committed securities-related crimes and is always under SEC investigation for the crimes he repeatedly commits, but probably still makes more money off the crimes than the penalties...