• Sun. Jun 23rd, 2024

Reddit Executives Sell Shares, Cause Overnight Stock Market Dip

BySamantha Johnson

Mar 28, 2024
Shares of Reddit Drop as Insiders Sell Soon After IPO

On Wednesday, just a week after Reddit’s initial public offering, CEO Steve Huffman and other top executives disclosed share sales. As a result, RDDT stock fell overnight.

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 total amount of Reddit shares sold was $41.245 million by these key officers and board members.

It was expected that some Reddit share sales would take place by CEO Huffman and other key officers following the IPO pricing of the company at 34 per share on March 20 at the top of the expected range. However, the decline in stock prices after these transactions occurred was not anticipated by many investors or market analysts. Following these sales, Reddit stock fell 4.85% to 54.95 in late trade on Wednesday night with shares dropping as much as 11

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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