this post was submitted on 28 Mar 2024
215 points (98.6% liked)

Reddit

13435 readers
2 users here now

founded 5 years ago
MODERATORS
[email protected]
215
Reddit Insiders Selling Days After IPO; Shares Fall (www.investors.com)
submitted 4 months ago by [email protected] to c/[email protected]
36 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] pelespirit 29 points 4 months ago (2 children)

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.

[–] [email protected] 36 points 4 months ago (1 children)

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 11 points 4 months ago (1 children)

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?

[–] [email protected] 14 points 4 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...

[–] [email protected] 6 points 4 months ago* (last edited 4 months ago)

it's not normal.. if the Prez thought it was a good company, he would hold onto his shares because he expected them to go much higher.. if they were using the capital generated by the IPO to actually improve the business.. but they aren't doing that.. they are cashing out and saying fuck you..