Reddit CEO Steve Huffman sold 500,000 shares … 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.
I knew they were going to sell as soon as they could, but damn. As someone who knows the bare basics of how it all works but does NOT actually follow the stock market, the last time I saw that kind of executive dumping was Enron just before it went under, lol.
Can someone who actually follows the markets tell me whether all the social media/tech IPO C-suites do that these days, or is this genuinely unusual? Because honestly I find the sales a bit shocking in both rapidity and amount, even for as greedy and openly corrupt as the Reddit board has been over the last few years.
EDITED TO ADD: Apparently this is not so unusual. Many thanks to those who took the time to answer.
So the IPO was Thursday; on Monday:
I knew they were going to sell as soon as they could, but damn. As someone who knows the bare basics of how it all works but does NOT actually follow the stock market, the last time I saw that kind of executive dumping was Enron just before it went under, lol.
Can someone who actually follows the markets tell me whether all the social media/tech IPO C-suites do that these days, or is this genuinely unusual? Because honestly I find the sales a bit shocking in both rapidity and amount, even for as greedy and openly corrupt as the Reddit board has been over the last few years.
EDITED TO ADD: Apparently this is not so unusual. Many thanks to those who took the time to answer.