He sold about 500,000 shares. He owned, apparently, 3.3% of the 17.06 million total shares of the company, meaning he had a little over 562,000 shares. He sold almost all of his shares. That doesn’t exactly exude confidence in future growth, IMO.
Sounds like something a greedy little pigboy would do
I thought they paid him like $200M last year? How does that work out with only half a million shares?
Question: why was Apollo killed?
Answer: Spez wanted $16 million dollars
I’ve given up on buying stocks for individual companies. I’d rather just stuff it in an index fund and pretend it doesn’t exist for 10 years.
That’s advice I’ve been given many times in my life. If I had any money to invest, that is likely how I would do it.
Preach it loud and wide.
Removed by mod
So the IPO was Thursday; on Monday:
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.
Gee it is almost like completely alienating your user base is a bad for profits?
Anyone who bought that shit deserves to lose all their money.
Shares “dove” to $50, which is still about $49 too high
Anything that keeps them listed on the exchange is too high honestly
Spez will probably quit within a year or two.
I feel like he is Ellen Pao-ing himself now.
His purpose is to implement all of the unpopular shit, take off with his golden parachute, and then a new CEO steps up promising better mod tools and maybe better performance in the mobile app. They’ll make the users think Reddit is headed in a positive new direction with Huffman gone, even though all of it has been preordained and effectively nothing will change, but at least the users will have their bread and circuses.
Problem is Pao cracked down on the toxic hate shit that was making Reddit risky to invest in. It was controversial but ultimately a net positive for the community. Huffman is essentially selling seed corn by betraying developers and power users for short term gain (unfettered bot traffic, juicing native app usage, selling out to AI companies). A net loss for community morale and cohesion.
Ellen Pao was also the face of Victoria’s firing (who was actually fired by Alexis Ohanian). Other events outside of Reddit (her failed gender discrimination lawsuit and her husband’s own legal issues) also provided fuel for the then-nascent alt-right movement to position her as a feminist, POC bogeyman.
It is also hilarious reading the things she was vilified for back then. How quickly the “free speech absolutists” revealed their true colors when they tried to make their own platforms like Voat. I remember reading shortly afterwards how the sites became “taken over” by the alt-right as the MAGA crowd got more vocal, but the truth was they were there from the beginning.
Perfectly and accurately stated.
Nothing made me wanting to spend time and effort generating free content more then the IPO.
Make your own damn money.
I won’t lie, I do regret not making a quick buck off of it. I could have gotten in at 30-something and out at 40-something easily enough.
I just couldn’t stomach the thought of buying RDDT. I also guessed Pigboy Spez and his pals would leave us suckers holding the bag.
Turns out some brave peasants did make money on the IPO. Just not this peasant.
I suspect the stock will spiral down from here.
I didn’t want to tie my user name to my real life details for that payoff.
Same here! I gave them a fake email and didn’t want to do myself to them. Glad you brought that up.
Meh. Hindsight and all that.
People said it about Apple, Amazon, and Bitcoin. Can’t know which ones that will happen with and which won’t.
There are no guarantees an IPO will pop, even a buzzy one. Uber debuted at the low end of their estimate and trended downward, for ex, and didn’t recover for over a year.
My instinct was that there would be irrational exuberance for the stupid stock. And ignored it.
The market is often pure speculation and gambling until the sobriety kicks in.
Anyway, I missed out on this one because of my caution and contempt for reddit. No point crying over it.
Smallest violin, where are the insufferable hodl guys now?
Fuck that utter hurensohn.
Man I wish I had had the capacity to short the stock so much.
It’s a scam, regards.
There is no ethical consumption under capitalism. Especially the consumption of free labor from commentors and moderators.
What an unexpected outcome! Who would’ve thought.
