I remember reading somebody saying they were going to buy it and put a sell order for when it hit 69. Just looked and too bad for them. It seems to have maxed out at 68 dollars.
Not mostly, but people are buying Truth Social shares not because they think it’s a sound financial decision, but because they support the company. It’s meme stock logic.
This only works to fuck short sellers, not people who already have shares. If you buy shares right now, you’re not only screwing yourself while the other bag-holders minimize their losses by selling, but keeping the stock overvalued until greedy little pigboy can dump the rest of his stocks.
If a company takes its stock public, the shares sold generate cash which is held by the company selling them, and used to build the business. Nobody who bought them, including the insiders, is really forbidden from selling them (except insofar as insider trading laws apply), but if an insider sells shares this early it indicates a deep distrust by the seller of the underlying value of their own company. Doing so while letting outside investors spin is therefore unethical because it signals that the people who built the company are planning to abandon it and let the stock tank.
See also: lock-up period, which is not required during an IPO (news to me!) but the absence of a lock-up period sure seems like a red flag someone should have noticed. Although, I suppose, many people did.
Pump and dump. They sold all those shares to shareholders and they are going to answer to them now. They stopped listening to the users a long time ago. Enshittification is inevitable.
Greedy little pigboy was always going to get his cut, that was the whole idea. Build something juust big enough to get bought out, and if that doesn’t work, sell the parts as unethically as possible.
I look forward to him thinking he’s a big dick player now and getting absolutely chummed by the real sharks
It’s already fairly enshittified. The discourse has really gone downhill over the past few years. Remember how good the AMAs used to be? Or the AskReddit threads that were full of interesting stories?
Does this mean that they don’t believe in reddit or is this normal? I really don’t know personally.
Reddit CEO Steve Huffman sold 500,000 shares on Monday at an average $32.30 price, receiving $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million. Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million.
Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million. Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Board member David Habiger sold 3,000 shares for $102,000.
it's not normal.. if the Prez thought it was a good company, he would hold onto his shares because he expected them to go much higher.. if they were using the capital generated by the IPO to actually improve the business.. but they aren't doing that.. they are cashing out and saying fuck you..
Does this mean that they don’t believe in reddit or is this normal?
It’s pretty normal I think. This is how economy works these days. Companies IPO to turn the shares into liquidity. It’s all so that the greedy people at the top can get their payday.
They hopefully would plan on continuing as normal even if they expect the company to tank. Otherwise it would be an obvious insider trading violation I think. Of course CEO is a bit of a fanboy of Musk, who regularly committed securities-related crimes and is always under SEC investigation for the crimes he repeatedly commits, but probably still makes more money off the crimes than the penalties…
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