Reddit Falls 25%📱KOTMY BRPHF 📈 BRZE RDDT 📉

FlowBank's hand-curated fresh financial news [header_noDither] Reddit Shares Tumble Post-IPO Reddit's stock experienced a significant decline, falling almost 25% in two days and finishing the week below its closing price on the first day of trading. After a robust IPO on March 21, 2024, where shares initially surged, a downturn ensued. This decline was influenced by a corporate disclosure revealing that CEO Steve Huffman and COO Jennifer Wong sold significant shares, amidst market criticisms of the stock being overvalued. Despite starting the week strong, with a 30% increase at one point, skepticism from analysts and insider sales contributed to a volatile performance, closing at $49.32, below its initial post-IPO rise. WHAT'S MOVING [Group 1742-Mar-29-2024-07-02-58-8753-AM] [Start Trading](113/cXx8Z04/VVvryl7vQ2QJW7QwnzD2hXBSWW6-Tm8p5cdHmdN89-QzT2-ZVTW6N1vHY6lZ3mcMfWM6zv1PkvW3k4z561SxW4_W5z1Bp948WRqrW32mjr34v6d3RW3YFd0D1QNSCvW2F_TJR4hgr8JW30rRXM50t3rSW2WfFPN3nqBDxW4rpQnd4sj8fgW245SbD5hQbdNW7Fwc0C50yj5pW5MgsZD3YX0gJW99jSBc2YCr2tW292b3C56p9MBW1TDhj61_Fq8jW1pfdV15fX4wgW7DSkmW2wDn1yW2XR2KW3DW2s3W5gMhsy3Nt9xYW36NTkr53nSPxW3Xbnzc2CPkd7W5XvTqp2dfWkCf3yJ49F04) [Group 1754-2] Xiaomi Xiaomi launches its electric car, the SU7, priced $4K below Tesla's Model 3, stirring up the competitive electric vehicle market in China. [Group 1753 (5)] Sam Bankman-Fried FTX founder Sam Bankman-Fried sentenced to 25 years for a massive cryptocurrency fraud, ordered to pay $11 billion in forfeiture. [Group 3 (56)-2] BYD Europe's electric vehicle market sees a rise in China-made vehicles, expected to account for over a quarter of EV sales in 2024 amid increasing competition. WHAT'S COMING UP? USD: Core PCE Price Index (YoY) (Feb): Exp. 2.8% v Prev. 2.8% USD: Core PCE Price Index (MoM) (Feb): Exp. 0.3% v Prev. 0.4% USD: Fed Chair Powell Speaks IN OTHER NEWS Wall Street The S&P 500 and Dow Jones reached new record highs, with the S&P 500 achieving its best first-quarter performance in five years. The S&P 500 increased by 0.11% to 5,254.35, while the Dow grew by 0.12% to 39,807.37. Conversely, the Nasdaq Composite fell slightly by 0.12% to 16,379.46. [Group 1769] Europe European markets ended the first quarter of 2024 up by 6.8%, buoyed by signs of easing inflation pressures. The Stoxx 600 index saw a daily increase of 0.23%, reaching another record high in March by surpassing 513 points. MARKET INSIGHTS 9 Coolest Luxury and Sports Car Stocks | 2024 A lot has been said about the rise of EV car companies like Tesla but are some of the traditionally cool car brands worth an investment? 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