Stock Track | Reddit Stock Plummets 8% as Major Shareholder Seeks $1.2 Billion Credit Facility

Stock Track11-22 22:32

Reddit Inc.'s stock plunged nearly 8% in pre-market trading on Friday, as the social media company grappled with the fallout from a major shareholder's plans to establish a $1.2 billion credit facility using its stake in the company as collateral.

According to reports, Advance Magazine Publishers, which owns a 30% stake in Reddit, is planning to offer 7.8 million shares for sale at a price range of $145.38 to $148.54 per share. This would represent a discount of up to 8% from Reddit's closing price of $158.02 on Thursday.

While Advance is not exiting its position entirely and plans to maintain its ownership through derivatives, the discounted share offering appears to have spooked investors, leading to the sharp sell-off in Reddit's stock. Concerns were further exacerbated by news that Chinese tech giant Tencent had offloaded around $400 million worth of Reddit shares over the past week.

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