Reddit's stock price drops nearly 25% in two days, ending the week below its opening price.
- Reddit's IPO last week caused a surge in shares, but they are now declining.
- On Reddit's first day of trading on the New York Stock Exchange, the shares closed at $49.30, which was below their closing price.
- This week, Reddit's CEO Steve Hoffman and COO Jennifer Wong both sold significant amounts of shares.
The social media company's IPO last week resulted in a temporary increase in shares, but they are now declining.
On Reddit's first day of trading on the New York Stock Exchange, the shares closed at $49.30, which was below their closing price.
""
Silverman questioned why insiders were selling if the prospects were so promising.
On Monday, Reddit's shares surged 30%, while on Tuesday, they increased by 8.8% to end at $65.11, despite New Street Research giving the company a neutral rating.
Watch: Reddit shares slump after CEO Steve Huffman sells 500,000 shares.
Technology
You might also like
- A major CVS shareholder is planning an activist push and will meet with management, according to sources.
- It's crucial to heed warnings about using public Wi-Fi in places like airports.
- Flooding and destruction caused by Hurricane Helene in the southeastern U.S.
- In a San Francisco all-female hacker house, a group of women are working together to break new ground in the tech industry.
- Elon Musk's X will be reinstated in Brazil after settling an additional penalty.