Reddit Executives Sell Shares in Company Following IPO, Stock Prices Drop

Shares of Reddit Drop as Insiders Sell Soon After IPO

Reddit CEO Steve Huffman and other key executives announced share sales late Wednesday, just one week after the company’s initial public offering. Specifically, 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.

The transactions were expected by investors as some of the company’s top executives have previously disclosed their plans to sell some of their holdings in the company following its IPO. Following these sales, Reddit stock fell overnight with a decline of 4.85% to 54.95 in late trade and dropping to 57.75 in Wednesday’s trading session despite hitting a record of 74.9

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