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submitted 2 months ago by [email protected] to c/reddit
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[-] mesamunefire 225 points 2 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.

[-] [email protected] 71 points 2 months ago

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

[-] [email protected] 100 points 2 months ago

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

[-] [email protected] 28 points 2 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.

[-] [email protected] 25 points 2 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.

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[-] Alpha71 153 points 2 months ago

We all knew this was a pump and dump scheme. Spez got his, fuck everyone else.

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[-] Mango 110 points 2 months ago

I want Elon Musk to buy Reddit. 😈

[-] Makeitstop 39 points 2 months ago

Elon: "Now that I've purchased reddit, we're going to rename it x."

Person with an ounce of common sense: "But you already changed twitter's name to that.

Elon: "Don't be stupid. I named it X, whereas reddit is going to be x. It's going to be a totally different brand."

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[-] [email protected] 33 points 2 months ago

Even Elon Musk can't kill what's already dead.

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[-] [email protected] 17 points 2 months ago

This is evil and wild.

[-] STOMPYI 16 points 2 months ago

Holy shit that would be hilarious!

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[-] [email protected] 74 points 2 months ago
[-] jaybone 16 points 2 months ago

Yikes Shaggy, it was the old amusement park owner all along.

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[-] [email protected] 71 points 2 months ago

Reddit has a market cap of $7.8 Billion right now.

Truth Social had a market cap of $8.4 Billion.

[-] [email protected] 40 points 2 months ago

Nothing's real πŸ˜…πŸ˜“

[-] m13 19 points 2 months ago

Capitalism is literally a pyramid scam.

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[-] irotsoma 32 points 2 months ago

It's all just rigged gambling. That money won't benefit the company at all. The investors just sold all their stocks to the hedge funds and retirement funds for them to lose money on, like always. The IPO was just a way to pay off investors and let executives cash in their stocks. I'd love to know what restrictions on selling came with the stocks that were given to regular employees and users/mods. Like are they allowed to sell right away or do they have to hold it for some period of time?

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[-] FlyingSquid 19 points 2 months ago

The stock market has a lot of magical thinking behind it. That's why there are constant frauds.

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[-] [email protected] 58 points 2 months ago

It's still at 50 dollars which is insane. Even 37 dollars is much more than it's worth now, and future looks very bleak for it.

[-] FMT99 30 points 2 months ago

Probably depends on the deal they made for selling our data. Could be a gold mine for em. Here's hoping for a big crash down to earth though.

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[-] [email protected] 48 points 2 months ago

Oh noooo, who would have guessed the initial week would have been pumped to grift more value out of it and then immediately hard dumped

[-] Got_Bent 48 points 2 months ago

Why were insiders allowed to sell so quickly?

[-] [email protected] 81 points 2 months ago* (last edited 2 months ago)

There's a lot of confused people in these threads. Steve Huffman sold 500,000 shares as part of the ipo, so they were some of the shares sold immediately before they opened on the market (at the about $30/share price). He still holds 4.1 million shares. Other insiders sold some shares as well. Some shares were created to raise money for the company. Once the ipo actually happens and the price for all those shares is negotiated with the bank assisting and all initial buyers, then it begins trading on the open market. At that point they are in a lockup period, and they can't sell anything for about 180 days. All of this is in sec filings, where you can see the source of all the shares that were part ot the ipo.

Look I hate Steve Huffman too, I'm here on lemmy after all. But this is a grossly over valued tech stock and there hasn't been many tech ipos in a while. It's very not surprising it would start sinking after an initial explosion of buying activity. It's not dropping from insiders unloading stock right now though. They're in lockup.

[-] dhork 17 points 2 months ago* (last edited 2 months ago)

Steve Huffman sold 500,000 shares as part of the ipo, so they were some of the shares sold immediately before they opened on the market (at the about $30/share price).

I suspected as much. I got the invite too, and thought about putting some money in. But I didn't want to risk the chance of being King Steven's exit liquidity, even if I could make some money on it, so I passed.

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[-] The_Cunt_of_Monte_Cristo 45 points 2 months ago
[-] [email protected] 45 points 2 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."

Third bullet point. Nuff said.

[-] FlyingSquid 24 points 2 months ago

That is definitely part of it, but r/Wallstreetbets is also shorting the fuck out of the stock.

One of multiple threads- https://www.reddit.com/r/wallstreetbets/comments/1bcfl86/reasons_to_short_the_reddit_ipo_make_big/

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[-] [email protected] 43 points 2 months ago

This is generally how IPOs work out. Same happened with ARM.

[-] venusaur 18 points 2 months ago

Yup. Nothing surprising.

[-] ObviouslyNotBanana 42 points 2 months ago

Let me show you this tiny violin 🎻

[-] TropicalDingdong 34 points 2 months ago

thoughts and prayers; go bears.

[-] [email protected] 32 points 2 months ago

Hope it keeps plummeting.

[-] set_secret 28 points 2 months ago
[-] [email protected] 26 points 2 months ago

I really think most investors really are disconnected from the reality of the companies they are investing in despite there being communities online where you can get the low down. Someone got rich, but it will not be the investors. Suckers.

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[-] [email protected] 26 points 2 months ago

The layout change this week is what did them in.

[-] [email protected] 37 points 2 months ago

Wow, it doesn't even resemble Reddit anymore. I was also immediately hit with a full page ad. Glad I left.

[-] turmacar 26 points 2 months ago

It somehow looks like a more pic heavy twitter. It's insane how much a site that was built and grew on its comment system seems to try and hide it now.

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[-] [email protected] 21 points 2 months ago

That spezial mod of r/jailbait already cashed out his shares for something like 16 million so he got his... I doubt he cares what happens now.

[-] FlyingSquid 21 points 2 months ago

I so rarely get to do my c/news duty outside of that community, and you're welcome.

[-] [email protected] 20 points 2 months ago

Stock Market Capitalism is just imaginary numbers made up by rich people to convince other rich people to give them money. It's completely ephemeral.

The fact that it can rise or fall with nothing more than a silly antic from one person is proof about how insubstantial and frankly ridiculous the whole scheme is.

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[-] werefreeatlast 19 points 2 months ago

Hold on guys. I want to sell you all together for a lot of money. I mean not you personally just everything you write. No worries 😁.

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this post was submitted on 29 Mar 2024
845 points (98.3% liked)

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