May 20, 2024 12:32 am
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.

On Monday, Steve Huffman sold 500,000 shares 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 on Wednesday night after tumbling by 11.3% to 57.75 in Wednesday’s trading after reaching a record high of 74.90 intraday on Tuesday. The Reddit IPO was priced at $34 a share on March 20th at the top end of the expected range.

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For more stock market updates follow Ed Carson on Threads at @edcarson1971 and Twitter at @IBD_ECarson

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