Mastodawn

empireOfLove2 Apr 8, 2024

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.

https://lemmy.dbzer0.com/post/18120709

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. - Divisions by zero

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 [https://qz.com/reddit-stock-is-falling-back-to-earth-thanks-to-short-s-1851371400] 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.

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OutsizedWalrus Apr 9, 2024

$40m isn’t that much for a company with a valuation of Reddits.

Not really any conspiracy here

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kbin_space_program Apr 9, 2024

It is when you consider that it was roughly 80% of the stock they held.

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artichoke

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.