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

Reddit Executives and Board Members Sell Shares, Causing Stock Price Dip”.

On Monday, Steve Huffman, the CEO of Reddit, along with other top executives and board members, sold a total of $41.245 million worth of Reddit shares. Huffman sold 500,000 shares at an average price of $32.30, while CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million. Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million, and Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million. Additionally, board member David Habiger sold 3,000 shares for $102,000.

The news of share sales caused a dip in the Reddit stock price on Wednesday night. Shares fell by 4.85% to 54.95 after previously tumbling by 11.3% to 57.75 in Wednesday’s trading following a record high of 74.9

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