Is there a source for that? Don’t get me wrong, I think reddit is over valued as an unprofitable company but the 80% number smells wrong.

According to the article he sold 500k shares but according the S-1 he was granted 662,447 as a bonus for achieving above a 5B market cap (he did, it was a low target), that’s on top of the 4.6M shares he holds in mixed class A/B.

For someone paid so much in stock it’s not uncommon to want to gain some liquidity and lock in some earnings.

https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm

Yup, but when the game launcued in 2004 it was true. These days it definitely isn't the most well known but back in 2004, cave story was considered a huge success for the indie game scene