Reddit's CEO gets $900 million richer from stock's pop. Here's who else made bank.

By Emily Bary

Reddit's post-IPO stock action has benefited executives as well as Sam Altman, Tencent and other investors

Reddit Inc. Chief Executive Steve Huffman is $894 million richer based on the social-media stock's first couple days of trading action.

Shares of Reddit (RDDT) began trading on the New York Stock Exchange on Thursday, closing up 48% in that session. Though they're off 3.5% in Friday action to a recent $48.46, the sizable bump relative to Reddit's $34 initial-public-offering price makes Huffman, who owns about 61.8 million shares, one of numerous company insiders to see nice paydays from that pop.

In addition, Huffman's holdings of Class A shares were reduced by 500,000 after the IPO, which would be valued at $17 million based on the IPO price.

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Fellow executives Jennifer Wong, the chief operating officer who owns 1.6 million shares, and Drew Vollero, the chief financial officer who owns about 229,000 shares, benefitted as well. The value of Wong's stake went up by $23.3 million based on the first two days of trading action, while the value of Vollero's rose by $3.4 million.

Reddit boasts an interesting array of investors who've retained stakes that they established back when the company was private. For example, entities associated with Sam Altman, the OpenAI CEO, own about 12.2 million Reddit shares that are worth $176 million more following the post-IPO stock bump.

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Entities affiliated with Tencent sit on 15.4 million shares of Reddit, with the value of those rising by $223 million in aggregate after the offering.

Advance Magazine Publishers, the owner of Conde Nast, is the largest outside Reddit shareholder with some 42 million shares - 26.5% of those outstanding after the offering. The value of that position has gone up by $610 million based on the first two days of trading action thus far.

-Emily Bary

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03-22-24 1524ET

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