Reddit shares are plummeting from the rally highs experienced after the social messaging company's IPO last week.
  • mesamune@lemmy.worldEnglish
    1·
    8 months ago

    “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.”

    If they believed in the platform, they would hold. Yeah looks like they are looking for bag holders.

    • TFO Winder@lemmy.ml
      0·
      8 months ago

      I think it matters more what percent of their holdings they sell rather than the amount they sell.

        • NotSpez@lemm.ee
          0·
          8 months ago

          To be fair (and you can probably see by my username I don’t like reddit anymore), I think it makes perfect sense to dispose of a fair portion of your shares in this situation. Firstly, these asshats get paid part of their salary in shares, it’s natural to want to get more security on part of your income. Secondly, with how hard the price rose in the first couple of days, it makes sense. But people are welcome to disagree, of course.

          • msage@programming.dev
            0·
            8 months ago

            How does that respond to the original idea, that is:

            if they believed in the company, they would hold their stock.

            You are not a genius for selling your company’s stock after IPO, you are a grifter. Doesn’t matter how many voting shares they have, doesn’t matter how much more money they need - they do get paid in cash too, and they can borrow against the stock.

            So they sold out. Fuck them both for that.

            • octopus_ink@lemmy.mlEnglish
              0·
              8 months ago

              if they believed in the company, they would hold their stock.

              The COO holds 1.4 million now, so she dumped 25% of her shares

              • msage@programming.dev
                0·
                8 months ago

                Selling quarter of your stock AT THE FUCKING IPO is a shame. I can’t believe people are defending that.

                And I suspect they can’t sell the rest as easily as the A shares.

                • octopus_ink@lemmy.mlEnglish
                  0·
                  8 months ago

                  I have nothing I’m willing to defend about Reddit management, I love the idea that they will end up penniless one day (though I’m sure that will not happen.)

                  I just don’t think selling off 25% of one’s shares (necessarily) means what has been suggested.