Reddit (RDDT, Financial) experienced a significant decline of over 7%, with shares priced at $146.25. This drop follows Tencent's disclosure of a substantial sell-off of Reddit stock. Tencent reported selling approximately 655,000 shares at an average price of $133.76 per share. Furthermore, between November 14 and November 18, Tencent sold around 882,500 shares at approximately $129.38 per share. Earlier in the month, they offloaded nearly 1.5 million shares at an average price of $132.19 per share.
In total, Tencent's sales amounted to nearly $400 million, reducing its stake in Reddit by about 28%. Despite these sales, Tencent still retains over 7.75 million shares of Reddit.
