Baillie Gifford & Co Reduces Stake in Reddit Below 5%

Executive Summary

On October 21, 2026, Baillie Gifford & Co filed an amended Schedule 13G (Amendment No. 1) disclosing a reduction in its beneficial ownership of Reddit, Inc. (NYSE: RDDT) Class A Common Stock. As of September 30, 2026, the institutional investment manager held 7,092,609 shares, representing 4.85% of the outstanding Class A shares. Crucially, Item 5 indicates that the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities.

Beneficial Ownership Breakdown

• Issuer: Reddit, Inc. (CIK: 0001713445)
• Reporting Person: Baillie Gifford & Co (CIK: 0001088875)
• Class of Security: Class A Common Stock (CUSIP: 75734B100)
• Aggregate Shares Owned: 7,092,609
• Sole Voting Power: 3,308,800 shares
• Shared Voting Power: 0 shares
• Sole Dispositive Power: 7,092,609 shares
• Shared Dispositive Power: 0 shares
• Class Percentage: 4.85% (4.9% on cover page)

Key Takeaways & Market Significance

1. Sub-5% Exit: By crossing below the 5% threshold, Baillie Gifford relieves itself of future routine Schedule 13G filing obligations unless it crosses back above the 5% ownership threshold in the future.
2. Voting Discrepancy: Baillie Gifford holds dispositive control over all 7.09M shares but retains voting rights for only ~3.31M shares, reflecting typical institutional investment advisory arrangements where certain underlying client accounts retain voting authority.
3. Trading Significance (Medium): Although this filing represents passive institutional rebalancing rather than activist involvement, crossing below the 5% mark indicates net selling by one of the prominent early institutional holders of Reddit's Class A stock.