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$40m isn’t that much for a company with a valuation of Reddits.
Not really any conspiracy here
It is when you consider that it was roughly 80% of the stock they held.
Is there a source for that? Don’t get me wrong, I think reddit is over valued as an unprofitable company but the 80% number smells wrong.
According to the article he sold 500k shares but according the S-1 he was granted 662,447 as a bonus for achieving above a 5B market cap (he did, it was a low target), that’s on top of the 4.6M shares he holds in mixed class A/B.
For someone paid so much in stock it’s not uncommon to want to gain some liquidity and lock in some earnings.
https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm