Reddit shares plunge almost 25% in two days, finish the week below first day close : reddit

this post was submitted on 30 Mar 2024

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Reddit shares plunge almost 25% in two days, finish the week below first day close (www.cnbc.com)

submitted 8 months ago by [email protected] to c/[email protected]

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[–] [email protected] 85 points 8 months ago (3 children)

Well, spez and the COO sold over a million shares. I thought they'd be tied down by some kind of lock-in period.

[–] [email protected] 67 points 8 months ago (2 children)

Considering that 'opportunity' they gave to long term reddit users it seems like this fleecing was planned from the get go.

[–] [email protected] 39 points 8 months ago

Quite frankly, this scam was so obvious, I have zero sympathy for anyone who fell for it.

[–] [email protected] 31 points 8 months ago

Narrator: it was.

[–] _sideffect 24 points 8 months ago (1 children)

Did they?? Fucking grifters

[–] [email protected] 16 points 8 months ago

Corpo exit scam?

[–] [email protected] 14 points 8 months ago

I mean, an IPO is a pretty reasonable point to allow insiders to trade. You've just published a huge amount of information about the company, so the insider advantage is at a relative low. It's somewhat common for blackout periods to exist prior to things like earnings announcements, but after the announcement is usually when trading is permitted.