Reddit CEO and Executives Disclose Share Sales, Causes Stock to Fall Overnight

Shares of Reddit Drop as Insiders Sell Soon After IPO

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

Specifically, Steve 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 sold 3,000 shares for $102,000, totaling $41.245 million in Reddit shares sold.

Considering the size of the transactions, it was expected that some Reddit share sales would take place by CEO Huffman and other key officers. Following these sales

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