Yes, he will cash out but I feel it will only be a fraction of what he hoped to get.

He will be comfortably rich but to someone who expected to be obscenely rich, he will see it as a failure.

I’m not convinced Reddit will die. I think it will continue to limp along in its zombie state. But I kind of wish you were right, just because I’m still a bit mad about it.

Of course spez is cashing out. That was the whole point of returning as CEO after Ellen Pao was sacrificed to cleanse the site and make it investor friendly. He just wants to cash out more than the $6 million he got the first time.

all they have to do is hold the lie together long enough to sell.

That last phrase is really doing a lot of heavy lifting. When you own a large chuck of stock in a post IPO company, trying to cash out large ownership stakes has the effect of crashing the price.

My expectation is that what ever the IPO price is, one year from then (the usual minimum time to be able to sell a stake like spez will have) it will be lucky to be 5% of the launch price.