Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

In a stunning turn of events, Reddit CEO Steve Huffman and other top executives sold their shares in the social network late Wednesday, just days after its initial public offering. The news caused a sharp decline in RDDT stock, with shares falling by 4.85% in late trade.

The insiders sold a total of $41.245 million worth of Reddit shares on Monday, Tuesday, and Wednesday. Steve Huffman sold 500,000 shares at an average price of $32.30, resulting in a total of $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million. Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million and Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Board member David Habiger also joined in the selling spree by selling 3,000 shares for $1

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