Reddit CEO Steve Huffman and other top executives, including CFO Vollero Andrew, COO Jennifer Wong, CTO Christopher Slowe, Chief Accounting Officer Michelle Reynolds, and board member David Habiger, sold a combined total of $41.245 million in shares late Wednesday. This was just one week after Reddit’s initial public offering (IPO).
Specifically, Steve Huffman sold 500,000 shares at an average price of $32.30 for a total of $16.15 million. CFO Vollero Andrew sold 71,765 shares for $2.318 million, while COO Jennifer Wong sold 514,000 shares for $16.602 million. Additionally, CTO Christopher Slowe sold 185,000 shares for $5.975 million and Chief Accounting Officer Michelle Reynolds sold 3,033 shares for $97,966. Board member David Habiger also sold 3,000 shares for $102,000.
Considering the size of the transactions by these key officers and board members it was expected that some share sales would take place following the IPO pricing announcement on March 2nd at the top of the expected range at 34 per share . After these sales were made Reddit stock fell 4.85% to 54.95 in late trade with shares dropping as much as 11.3% to 57.75 during Wednesday’s trading despite hitting a record high intraday on Tuesday at 74.9
