[Form 4] Reddit, Inc. Insider Trading Activity

Rhea-AI Filing Summary

The Schedule 13G filing reports that Discovery Capital Management, LLC, its founder Robert K. Citrone and Discovery Global Opportunity Master Fund, Ltd. collectively hold 29,646,574 shares of AMC Entertainment Holdings, Inc. Class A common stock, representing 6.8 % of the outstanding class as of 01 July 2025.

• All three reporting persons have shared (and zero sole) voting and dispositive power over the shares.
• The Fund alone owns 26,974,654 shares (6.2 % of the class).
• The stake is filed on a passive basis under Rule 13d-1(b); the signatories certify the shares were not acquired with the purpose of influencing control.
• Discovery Capital Management files as an Investment Adviser (IA); Robert K. Citrone is reported as a Holding Company/Control Person (HC, IN).
• All securities are held in client accounts advised by Discovery Capital; except for the Master Fund, no single client owns more than 5 % of AMC’s common stock.

The document is signed by Robert K. Citrone on 08 July 2025 and includes a Joint Filing Agreement as Exhibit A.

Positive

• Discovery Capital Management’s 6.8 % stake exceeds the 5 % disclosure threshold, indicating a sizeable institutional position in AMC shares.

Negative

• None.

Insights

Portfolio Manager

TL;DR: Hedge-fund adviser Discovery Capital discloses a passive 6.8 % stake in AMC, signalling meaningful—but non-activist—institutional ownership.

The 13G shows Discovery Capital and affiliates collectively control nearly 30 million AMC shares. Because the filing is on Schedule 13G rather than 13D, the group affirms it has no intent to influence control—reducing near-term governance risk for existing management. A >5 % position brings the filer into the public domain and may bolster market perception of institutional support. However, with zero sole voting power, decisions are executed jointly across accounts, potentially limiting agility. Overall, the filing is informative but not transformative for fundamentals.

Corporate Governance Analyst

TL;DR: Passive ownership above 5 % triggers disclosure; no control intent stated, keeping governance dynamics unchanged.

Discovery Capital’s IA status and certification under Item 10 confirm a passive stance. Shared voting/dispositive power suggests the stake is distributed among multiple advisory clients, lowering the risk of coordinated activism. From a governance standpoint, AMC’s existing board control remains unaffected. The 6.8 % holding is material for ownership structure monitoring, yet it does not introduce new strategic pressure on management.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Seibel Michael

(Last) (First) (Middle)

C/O REDDIT, INC.

303 2ND STREET, SOUTH TOWER, 5TH FLOOR

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Reddit, Inc. [ RDDT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/05/2025		A		144	A	$0	7,661	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Julie Rogers, Attorney-in-Fact	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many AMC (AMC) shares does Discovery Capital Management own?

The filing reports 29,646,574 Class A shares beneficially owned on a shared basis.

What percentage of AMC’s outstanding stock is held by Discovery Capital?

Their aggregate holding represents 6.8 % of the Class A common stock.

Is Discovery Capital seeking to influence AMC’s control?

No. The Schedule 13G certification states the shares were not acquired to change or influence control of AMC.

Which entities are included in the Schedule 13G group filing?

Discovery Capital Management, LLC; Robert K. Citrone; and Discovery Global Opportunity Master Fund, Ltd.

What is the CUSIP number referenced in the filing?

AMC Entertainment’s Class A common stock carries CUSIP 00165C302.