Shareholders plan to cash out $1.2 billion by selling 7.8 million shares of Reddit stock
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Reddit shareholder Advance Magazine Publishers plans to sell 7.8 million shares at a price of $145.38-148.54 per share, raising up to $1.2 billion. This news caused Reddit's stock price to drop more than 6% in pre-market trading. Although Advance stated that it will continue to act as a long-term shareholder, its selling plan has attracted market attention. At the same time, Tencent also disclosed that it has sold a large number of Reddit shares, reducing its holdings to 7.75 million shares
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