this post was submitted on 30 Mar 2024
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Reddit shares plunge almost 25% in two days, finish the week below first day close (www.cnbc.com)
submitted 6 months ago by ylai@lemmy.ml to c/reddit@lemmy.ml
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[–] athos77@kbin.social 90 points 6 months ago (3 children)

Well, spez and the COO sold over a million shares. I thought they'd be tied down by some kind of lock-in period.

[–] grte@lemmy.ca 72 points 6 months ago (3 children)

Considering that 'opportunity' they gave to long term reddit users it seems like this fleecing was planned from the get go.

[–] Diplomjodler@feddit.de 47 points 6 months ago

Quite frankly, this scam was so obvious, I have zero sympathy for anyone who fell for it.

[–] infinitevalence@discuss.online 35 points 6 months ago

Narrator: it was.

[–] eveninghere@beehaw.org 2 points 5 months ago

Yup, this is why I didn't buy. I didn't smell a good intention. (Although, I refrained from judging whether the price would go up or down.)

[–] _sideffect@lemmy.world 24 points 6 months ago (1 children)

Did they?? Fucking grifters

[–] Sabata11792@kbin.social 17 points 6 months ago

Corpo exit scam?

[–] Avanera@kbin.social 16 points 6 months ago

I mean, an IPO is a pretty reasonable point to allow insiders to trade. You've just published a huge amount of information about the company, so the insider advantage is at a relative low. It's somewhat common for blackout periods to exist prior to things like earnings announcements, but after the announcement is usually when trading is permitted.