If that’s not the textbook image of rats leaving a sinking ship, I don’t know what is. “Fuck you. Got mine!”
The price pump that conveniently happened immediately after release sure was nice for Pig Boy Huffman, wasn’t it.
Data on short positions become available tomorrow (April 9th) as referenced in this article so the roller coaster is only just getting started. It’s gonna get wild once the market realizes what a house of cards Reddit is built on.
Their market cap today is something like $7.5bn?
$40m would be like 0.5%
This is not news as much as we all want it to be, they definitely have much more than that, even if it’s tied up in an RSU scheme or something.