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Reddit Insiders Selling Days After IPO; Shares Fall (www.investors.com)
submitted 8 months ago by scottywh@lemmy.world to c/reddit@lemmy.ml
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[-] pelespirit@sh.itjust.works 27 points 8 months ago

Does this mean that they don't believe in reddit or is this normal? I really don't know personally.

Reddit CEO Steve Huffman sold 500,000 shares on Monday at an average $32.30 price, receiving $16.15 million. CFO 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 RDDT shares for $97,966. Board member David Habiger sold 3,000 shares for $102,000.

[-] SorteKanin@feddit.dk 36 points 8 months ago

Does this mean that they don’t believe in reddit or is this normal?

It's pretty normal I think. This is how economy works these days. Companies IPO to turn the shares into liquidity. It's all so that the greedy people at the top can get their payday.

[-] pelespirit@sh.itjust.works 10 points 8 months ago

So they don't care about the company or this is so normal that they'll continue as they have been and no one thinks it's anything?

[-] WalrusDragonOnABike@reddthat.com 14 points 8 months ago

They hopefully would plan on continuing as normal even if they expect the company to tank. Otherwise it would be an obvious insider trading violation I think. Of course CEO is a bit of a fanboy of Musk, who regularly committed securities-related crimes and is always under SEC investigation for the crimes he repeatedly commits, but probably still makes more money off the crimes than the penalties...

this post was submitted on 28 Mar 2024
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