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Reddit's Ceo Gains $900 Million From the Stock's Rapid Rise. Here’s Who Else Made the Bank

March 24, 2024
minute read

Following the initial days of trading, Reddit Inc. CEO Steve Huffman finds himself significantly wealthier, with a staggering increase of $894 million in his net worth attributed to the activity surrounding the social media company's stock.

The trading debut of Reddit's shares (RDDT) on the New York Stock Exchange commenced on Thursday, culminating in a notable 48% surge in value during that session.

Although there was a slight decline of 3.5% in Friday's trading, bringing the stock to $48.46, the substantial rise from Reddit's initial public offering (IPO) price of $34 has resulted in lucrative gains for Huffman, who holds approximately 61.8 million shares. This surge has not only benefited Huffman but also numerous other insiders of the company.

Furthermore, Huffman's ownership of Class A shares experienced a reduction of 500,000 following the IPO, which, based on the IPO price, would amount to a value of $17 million.

Other executives such as Jennifer Wong, the chief operating officer with 1.6 million shares, and Drew Vollero, the chief financial officer with approximately 229,000 shares, have also witnessed significant gains. Wong's stake increased by $23.3 million, while Vollero's rose by $3.4 million over the first two days of trading.

Reddit's shareholder base includes a diverse array of investors who have retained their stakes from when the company was privately held. Notably, entities linked to Sam Altman, CEO of OpenAI, possess around 12.2 million Reddit shares, which saw a collective increase in value of $176 million following the post-IPO surge.

Entities associated with Tencent hold 15.4 million Reddit shares, with the value of these shares rising by $223 million after the offering.

Advance Magazine Publishers, the parent company of Conde Nast, emerges as the largest external shareholder of Reddit, holding approximately 42 million shares, equivalent to 26.5% of the total outstanding shares following the offering.

The value of this position surged by $610 million based on the trading activity observed during the first two days.

Valentyna Semerenko
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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