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Reddit wants to raise $748M with IPO, sets value at $6.4B
(go.theregister.com)
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this post was submitted on 11 Mar 2024
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If you watch many IPO, you will see it spike quickly then a large dump after that. I know the last IPO I was part of, we couldn't sell for several days after the IPO.
Days? When my company went public employees couldn't sell their stock for several months. And as soon as we could the price tanked, because everyone wanted to cash out.
The selling was understandable, having 80% of your net worth in a single stock is scary, but hundreds of first-time stock owners doing a fire sale didn't do the stock price any favors.
By the time we could sell. The stock had already dropped. It never really recovered after that
I bought Facebook at $18 thanks to the post IPO dump. I waited for the Google post IPO dump but it never came.
I read the Reddit S-1, the lock-up period is three days. Yeah, I'm a nerd, but in this case it was more just wanting to know how long Huffman et al will be forced to sit and watch the stocks freefall before they could ditch them, lol.
Most the time they are restricted in their sales. He has to declare his in advance. Most likely he can sell for six months