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Isn't this normal for tech companies? The IPO is typically the pay day event for most employees paid in stock where you can finally cash in. Doesn't matter where you think the companies going, most people would rather buy a house then stay on the tech stock roller coaster.
Usually they are barred from selling immediately following an IPO because it looks really bad and can trigger a price drop with everyone selling all at once
https://www.investopedia.com/ask/answer/12/ipo-lockup-period.asp
They are selling a small amount and keeping the rest. I have no great love for Reddit, but it's normal and smart.