By Dean Seal
Shares of Reddit fell after Chinese conglomerate Tencent Holdings reported selling a chunk of its stake in the social-media company.
Reddit stock was down 7.3%, at $146.50, in aftermarket trading Thursday. The eight-month-old shares touched a record high during the trading day.
Tencent reported after the bell that it sold 654,979 shares on Tuesday at an average price of $133.76 apiece, 882,583 shares between Nov. 14 and Nov. 18 at about $129.38 apiece, and nearly 1.5 million shares earlier this month at an average price of $132.19.
In all, the nearly $400 million in sales cut Tencent's holdings by about 28%. It still owns more than 7.75 million Reddit shares.
According to the report, CEO Steve Huffman sold 124,408 shares on Nov. 15 for proceeds of about $15.9 million. Chief Operating Officer Jennifer Wong sold 33,333 shares for about $4.3 million on Nov. 18.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 21, 2024 18:25 ET (23:25 GMT)
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