Reddit Stock Drops as Advance Reportedly Plans To Borrow Against Stake

Investopedia11-23 01:15

Key Takeaways Reddit shares sank Friday on a report Advance Magazine Publishers planned to borrow against its stake in the social media platform.Regulatory filings also disclosed Chinese conglomerate ...

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class=\"title\">\nReddit Stock Drops as Advance Reportedly Plans To Borrow Against Stake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-23 01:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/reddit-stock-drops-as-advance-reportedly-plans-to-borrow-against-stake-tencent-sells-8750022><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Takeaways\nReddit shares sank Friday on a report Advance Magazine Publishers planned to borrow against its stake in the social media platform.Regulatory filings also disclosed Chinese conglomerate ...</p>\n\n<a href=\"https://www.investopedia.com/reddit-stock-drops-as-advance-reportedly-plans-to-borrow-against-stake-tencent-sells-8750022\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SEC.AU","symbol_name":"SPHERIA EMERGING CO 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\"valued at as much as $1.2 billion,\" to establish a line of credit, according to a Thursday report from Bloomberg.\"Separately, Advance is buying derivatives on the shares, which will allow it to maintain its ownership stake while enabling it to create the credit facility,\" the report said.In separate filings earlier this month, Reddit Chief Executive Officer  Steve Huffman and Chief Operating Officer  Jennifer Wong also sold shares.Reddit shares recently were down more than 8% but still nearly triple the $50.44 price where the stock closed on its first day of trading following its initial public offering  in ","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SEC.AU":"SPHERIA EMERGING CO LTD","BK4198":"医疗保健用品","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","BK4585":"ETF&股票定投概念","BK4077":"互动媒体与服务","COO.AU":"Corum Group Ltd","RDDT":"Reddit","BK7016":"应用软件","CEO":"中海油","BK4547":"WSB热门概念","BK4588":"碎股","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","COO":"库珀医疗","IPO":"Renaissance IPO ETF","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD"},"translate_title":"据报道Advance计划以股份为抵押借款，Reddit股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SEC.AU":1,"RDDT":1,"CEO":1,"COO":1,"COO.AU":1,"IPO":1},"content_text":"Key Takeaways\nReddit shares sank Friday on a report Advance Magazine Publishers planned to borrow against its stake in the social media platform.Regulatory filings also disclosed Chinese conglomerate Tencent Holdings sold shares.Other recent filings show that company insiders like CEO Steve Huffman have also sold shares.\n Reddit (RDDT) stock sank Friday on a report Advance Magazine Publishers planned to borrow against its stake in the social media platform and regulatory filings disclosed Chinese conglomerate Tencent Holdings sold shares.\n\n\n Advance Magazine Publishers, the parent company of Conde Nast and its brands like GQ and Vanity Fair, is offering 7.8 million of its Reddit shares at a discounted price, \"valued at as much as $1.2 billion,\" to establish a line of credit, according to a Thursday report from Bloomberg.\n\n\n \"Separately, Advance is buying derivatives on the shares, which will allow it to maintain its ownership stake while enabling it to create the credit facility,\" the report said.\n\n\n The magazine conglomerate disclosed plans to sell 10 million shares of its stake with a market value of $1.58 billion, according to a filing with the Securities and Exchange Commission (SEC) after markets closed Thursday.\n\n\n  Tencent Continues Stretch of Selling Reddit Shares  \n Along with the planned sale from Advance, Chinese conglomerate Tencent Holdings disclosed its latest series of sold shares on Thursday, the third such filing this month.\n\n\n The company sold just over 650,000 shares earlier this week, bringing the company's stake to about 7.7 million shares, down from roughly 10.7 million shares earlier this month. At Friday's recent price around $144, down from Thursday's record intraday high of $158.49, Tencent's stake is worth around $1.1 billion.\n\n\n In separate filings earlier this month, Reddit Chief Executive Officer (CEO) Steve Huffman and Chief Operating Officer (COO) Jennifer Wong also sold shares.\n\n\n Reddit shares recently were down more than 8% but still nearly triple the $50.44 price where the stock closed on its first day of trading following its initial public offering (IPO) in March.\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485297605"}