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3 Reddit Executives Sold Too Early And Missed Out On $19M In Additional Gains From IPO
The Reddit Inc (NYSE:RDDT) IPO was one of the most anticipated public debuts in recent years and saw shares soar after going public.
Three of the company's top executives sold portions of their ownership stakes as part of the IPO process and missed out on millions of dollars in gains.
What Happened: Reddit sold 22 million shares in its IPO pricing shares at $34, which was the top of its $31 to $34 anticipated pricing range.
As part of the IPO, several executives sold portions of their stakes in the company. Shares of Reddit fell Thursday, with social media abuzz over filings from the executives selling.
Many times during an IPO, founders, executives and investors may sell shares as part of the offering. Otherwise, these individuals and companies are often the subject of lock-up agreements where they can't sell shares for several months.
Among the sellers of Reddit shares during the IPO were co-founder and CEO Steve Huffman, Chief ...