If that’s not the textbook image of rats leaving a sinking ship, I don’t know what is. “Fuck you. Got mine!”
The price pump that conveniently happened immediately after release sure was nice for Pig Boy Huffman, wasn’t it.
Data on short positions become available tomorrow (April 9th) as referenced in this article so the roller coaster is only just getting started. It’s gonna get wild once the market realizes what a house of cards Reddit is built on.
Usually they are barred from selling immediately following an IPO because it looks really bad and can trigger a price drop with everyone selling all at once
https://www.investopedia.com/ask/answer/12/ipo-lockup-period.asp
They are selling a small amount and keeping the rest. I have no great love for Reddit, but it’s normal and smart.