News

Sounds like something a greedy little pigboy would do

ahahahahahahahahaha

Spez proving almost everyone else right.

On the other hand, he already cashed out once and was wrong, so...

https://en.wikipedia.org/wiki/Steve_Huffman

The site's audience grew rapidly in its first few months, and by August 2005, Huffman noticed their habitual user-base had grown so large that he no longer needed to fill the front page with content himself.[11][14][15] Huffman and Ohanian sold Reddit to Condé Nast on October 31, 2006, for a reported $10 million to $20 million.[3][16] Huffman remained with Reddit until 2009, when he left his role as acting CEO.[17]

Huffman spent several months backpacking in Costa Rica[18] before co-creating the travel website Hipmunk with Adam Goldstein, an author and software developer, in 2010. Funded by Y Combinator,[19][20] Hipmunk launched in August 2010[21] with Huffman serving as CTO.[22] In 2011, Inc. named Huffman to its 30 under 30 list.[22]

In 2014, Huffman said that his decision to sell Reddit had been a mistake, and that the site's growth had exceeded his expectations.[23] On July 10, 2015, Reddit hired Huffman as CEO following the resignation of Ellen Pao[24] and during a particularly difficult time for the company.[25] Upon rejoining the company, Huffman's top goals included launching Reddit's iOS and Android apps, fixing Reddit's mobile website, and creating A/B testing infrastructure.[3]

Since returning to Reddit, Huffman instituted a number of technological changes including an updated mobile site and stronger infrastructure, as well as new content guidelines.

I don't think that he's had a whole lot of faith in Reddit as a business since early-on.

Where are you getting this info?

https://www.cnbc.com/video/2024/03/27/reddit-shares-slump-after-ceo-steve-huffman-sells-500000-shares.html

https://www.sec.gov/Archives/edgar/data/1713445/000162828024011448/reddit-sx1a2.htm#i1b9a579e78a34dfa99f7f26daeec195b_100

It was not just Apollo, there were other good clients too like Sync for Reddit.

the average person usually doesnt beat the average index fund, so if you arent keen at day trading, dont do it.

If you have the money to spend/blow, the "correct" approach is to:

1. Put the vast majority if your money into stable investments. Index funds, bonds, etc. You should have a retirement fund with at least one of the major companies (I have had good experience with Vanguard and Fidelity) and they can help with that. This is for retirement and the like.
2. Put a VERY small amount into "one off" purchases of various stocks. Stuff like "I think this apple computers might take off some day" kind of purchases. This is not a retirement fund. This is gambling. But it still might mean you have money for a kitchen remodel or a rainy day.

But if you don't have money to "throw away"? Do not buy individual stocks. Or crypto. Or anything other than what you need to have a life after you age out of the workforce because late stage capitalism.

RIP

From my experience, these people have lots more shares than what they sold. And aside from spez, it's not really that much.

If I am not mistaken, these sales are also planned and public knowledge before the sales are executed. The key shareholders should know executives are going to dump stock.

But yes. This seems normal to me.

One thing of note is the average price spez sold for. That is actually below market value so it's likely that his sale price was fixed, which I believe is a thing.

I hate these fucking people so much.

Some of these people have been with Reddit since the very beginning and this is basically their first practical chance to sell any of their shares - I wouldn't read too much into their activity this week. For a company valued at $9B, having the founder & other executives only sell $41M in the week of the IPO if anything feels like the opposite of dumping.

Anything that keeps them listed on the exchange is too high honestly

If you want to have a laugh at how ridiculous the whole market is, Trump's Truth Social just IPOed and has the same market cap as Reddit even though it's much smaller and full of insane people.

Shocked, I say!

I feel like he is Ellen Pao-ing himself now.

His purpose is to implement all of the unpopular shit, take off with his golden parachute, and then a new CEO steps up promising better mod tools and maybe better performance in the mobile app. They'll make the users think Reddit is headed in a positive new direction with Huffman gone, even though all of it has been preordained and effectively nothing will change, but at least the users will have their bread and circuses.