Reddit CEO Steve Huffman and other top executives and board members late Wednesday disclosed share sales, just a week after the social network had in its initial public offering. RDDT stock plunged Thursday.
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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.
All told, that’s $41.245 million worth of Reddit shares sold.
At least some Reddit share sales by CEO Huffman and other key officers was expected.
Reddit Stock
Reddit stock dived 14.6% to 49.32 on Thursday. Shares tumbled 11.3% to 57.75 on Wednesday. Reddit hit a record 74.90 intraday Tuesday.
The RDDT IPO priced at 34 a share on March 20, at the top of the expected range.
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