Reddit Executives Sell Shares, Causing Overnight Decline in Stock Price

On Wednesday, Reddit CEO Steve Huffman and other top executives and board members revealed their share sales, causing RDDT stock to fall overnight. In response to this news, the stock experienced a 4.85% decline in late trade, reaching 54.95.

Just a week after the social network’s initial public offering, Steve Huffman sold 500,000 shares on Monday at an average price of $32.30, resulting in a total of $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while 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, and Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Additionally, board member David Habiger sold 3,000 shares for $102,00