Reddit shares plunge almost 25% in two days, finish the week below first day close
Reddit shares plunge almost 25% in two days, finish the week below first day close
Reddit shares are plummeting from the rally highs experienced after the social messaging company's IPO last week.
This post tightly fits what I want to see in this community. Anti-corporate sentiment and "good news" for non corporate entities.
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Frankly, surprised it was only that much of a drop.
Earlier this week, Reddit disclosed in a corporate filing that CEO Steve Hoffman sold 500,000 shares, and Reddit COO Jennifer Wong also disclosed that she sold 514,000 shares.
No, not a pump and dump at all! Totally confident in our ability to execute our fiduciary duties!
Spaz said his friends advised him to sell at least some, otherwise it would’ve drove him crazy.
If you are not emitting shares to raise money there is very little upside to going public except for your owners to be able to sell their shares.