• Fri. May 24th, 2024

Reddit Stock Plummets After CEO and Executives Sell Shares

BySamantha Nguyen

Mar 28, 2024
Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

In response to news that Reddit CEO Steve Huffman and other top executives and board members sold shares of the company, the stock price of RDDT fell overnight. On Monday, 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.

On Wednesday afternoon during regular trading hours on the NASDAQ exchange, the Reddit stock reached a record high of 74.90 intraday before experiencing a significant decline in value in late trade that evening. The stock tumbled by 11.3% to reach a closing price of 57.75 on Wednesday night after Huffman and other executives announced their share sales earlier that day. The initial public offering (IPO) pricing for Reddit was set at $34 per share on March 2

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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