• Fri. Jun 14th, 2024

Reddit Execs and Board Members Sell Shares, Causing Stock Price Decline; IPO Priced at $34 per Share

BySamantha Jones

Mar 28, 2024
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 announced the sale of their shares in the social network, just a week after its initial public offering. The news resulted in a decline in RDDT stock prices overnight.

Huffman sold 500,000 shares on Monday 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.

Reddit’s stock experienced a 4.85% fall in late trade on Wednesday evening after reaching a record high of 74.90 intraday on Tuesday before tumbling by 11.3% to 57.75 in Wednesday’s trading session due to the share sales announcement made by executives and board members earlier that day.

The IPO was priced at $34 per share on March 20th at the top end of the expected range.

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By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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