Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

On Wednesday, Reddit CEO Steve Huffman and other top executives and board members sold shares of the social network, causing RDDT stock to fall overnight. In response to this news, the Reddit stock experienced a 4.85% fall in late trade, reaching 54.95.

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 $102,000, amounting to a total of $41.245 million worth of Reddit shares sold.

The Reddit IPO was priced at $34 a share on March 20 at the top end of the expected range. This was after the stock had previously tumbled by 11.3% to 57.75 in Wednesday’s trading after reaching a record high of 74

By Samantha Johnson

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