Finance

Reddit insiders sell off days after IPO; shares fall


Reddit Chief Executive Steve Huffman and other executives and board members disclosed the stock sales late Wednesday, just a week after the social network’s initial public offering. RDDT stock fell overnight.




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Reddit CEO Steve Huffman sold 500,000 shares at an average price of $32.30 on Monday and received $16.15 million; Chief Financial Officer 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 shares of RDDT stock for $97,966. Board member David Habiger sold 3,000 shares for $102,000.

A total of $41.245 million worth of Reddit stock was sold.

At least CEO Hoffman and other key officials will sell some Reddit stock.

red stock

Reddit shares were last down 4.85% at 54.95. Shares plunged 11.3% to 57.75 in Wednesday trading. Reddit hit an all-time intraday high of 74.90 on Tuesday.

On March 20, the RDDT IPO was priced at $34 per share, at the top of the expected range.

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