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

On Wednesday, Reddit CEO Steve Huffman and other top executives and board members announced share sales, resulting in a 4.85% fall in the Reddit stock overnight. This news came just a week after the social network’s initial public offering.

Huffman sold 500,000 shares at an average price of $32.30, resulting in a total of $16.15 million. Chief Financial Officer Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million. Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million, and Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Additionally, board member David Habiger sold 3,000 shares for $102,

By Aiden Johnson

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