Reddit's COO Sells Shares for Tax Obligations but Retains Majority Stake
Jennifer L. Wong, Reddit’s Chief Operating Officer (RDDT), sold 38,113 shares of Class A Common Stock on August 20 to satisfy tax obligations following the vesting of restricted stock units. The transaction was valued at $5.8 million based on a weighted average sale price of $151.71 per share. Despite this disposition, Wong still holds over one million shares directly, representing an equity stake worth approximately $152.15 million as of the August 20 market close. Reddit reported trailing twelve-month revenue of $2.8 billion and net income of $871.1 million in its latest financial update. The company’s stock closed at $153.29 on August 21, slightly above the transaction price. Reddit continues to grow through advertising revenue, with a recent quarterly increase of 64% year-over-year. The sale is considered routine and non-discretionary in nature, aligning with standard tax obligations for executives who receive equity compensation.
Tickers: $RDDT
Topics: executive_transaction restricted_stock_units tax_withholding