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 sold shares late in the day, causing a 4.85% fall in the stock’s price to 54.95. The company’s CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while Jennifer Wong sold 514,000 shares for $16.602 million and Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million. Michelle Reynolds also sold 3,033 RDDT shares for $97,966 and board member David Habiger sold 3,000 shares for $102,000. In total, they sold an impressive amount of Reddit shares worth around $41.245 million at the time of the sale.

This news came just a week after the social network’s initial public offering (IPO) on March 24 at a price of $34 per share at the top end of the expected range. However, this IPO was not without controversy as some investors accused the company of inflating its revenue figures during its time as a private company before going public. Despite these concerns, many investors were eager to get their hands on Reddit’s IPO and saw it as an opportunity to invest in one of the world’s most popular social networks with millions of active users worldwide who engage in various communities such as gaming, entertainment and politics among others.

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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