Reddit stock down 24% to $49.32 from a $65 peak in TWO days.
(media.scored.co)
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I think it says something that Reddit's CEO and COO both sold a shitton of their shares instead of holding longer. It's a shame that some garbage human beings are going to make big money off of this, but I guess at least the true believers will see their investment disappear.
There aren't that many endgames. You get stuck as a medium size business. You get bought, or you get big enough to dominate something and be one of the buyers. Of these, the sellout option both enriches the founders and often absolves them of responsibility.
guy sold at like 32 or something, short term he looks like a doofus but long term he'll look like a genius when the stock plummets down to near single digits.
Also where do the real wsb congregate these days? reddit wsb is pure ass.
The executives have probably been waiting to cash out. In many ways, public offering is a maneuver to dump the company's debt on some pension fund while insiders exit with cash.