Josh Brown, CEO of Ritholtz Wealth Management, explained in a recent program on CNBC why he sold Reddit Inc (NYSE:RDDT) shares. Brown is bearish on Google search trends, and that made him sell Reddit Inc because the social media company got a lot of traffic from Google search.
“It was a good earnings report—actually, it was a great earnings report. There wasn’t a crazy reaction to it. And if I’m bearish on Google search trends, the fact that Reddit has been so highly placed at the top of Google search over the last couple of years is really one of the most bullish things to happen for the company. So it’s hard—there’s a little cognitive dissonance there—to be bearish on Google search trends but bullish on Reddit getting an increasing amount of revenue from appearing highly ranked in Google searches. So it was just a little bit messy for me mentally. I took it off the table into the rally.”
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Munro Global Growth Small & Mid Cap Fund stated the following regarding Reddit, Inc. in its Q4 2024 investor letter:
This article is originally published at Insider Monkey.
