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this post was submitted on 30 Mar 2024
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Are his shares restricted? The way I understand it, usually insiders aren't allowed to sell until some time after the IPO.
He already sold over 500.000 shares, same as his CFO iirc. Classic pump and dump. Reddit is 25% down, below initial value. From an article I read today.
He still kept majority of his shares. Like the previous poster said he can't sell more or SEC will grab him by his tiny balls.
Jeez. I thought insiders werent allowed to sell at all for x amount of time.
They aren't. But, you can set a number to sell at the IPO. You can't dump the rest a week later if the price sky rockets.
Interesting! Thanks for mentioning it.