I haven't seen this posted yet. All of reddit's C-levels sold $41.245 million worth of stock in the first week of trading.
investors.com
If that's not the textbook image of rats leaving a sinking ship, I don't know what is. "Fuck you. Got mine!"
The price pump that conveniently happened immediately after release sure was nice for Pig Boy Huffman, wasn't it.
Data on short positions become available tomorrow (April 9th) as referenced in this article so the roller coaster is only just getting started. It's gonna get wild once the market realizes what a house of cards Reddit is built on.
You are viewing a single comment
Isn't this normal for tech companies? The IPO is typically the pay day event for most employees paid in stock where you can finally cash in. Doesn't matter where you think the companies going, most people would rather buy a house then stay on the tech stock roller coaster.
Usually they are barred from selling immediately following an IPO because it looks really bad and can trigger a price drop with everyone selling all at once
https://www.investopedia.com/ask/answer/12/ipo-lockup-period.asp
They are selling a small amount and keeping the rest. I have no great love for Reddit, but it's normal and smart.