Reddit stock sliding after hot launch

I'd say RDDT was the ultimate meme stock after its unlikely pop on day one—after a week and change the price is nearly back where it started, with nowhere to go but down—but Trump just made himself more than a billion dollars floating a masked mastodon instance which hasn't been significantly updated since it launched and somehow lost $58 million in its first year of operation.

You expect cashing out at the beginning, because they've been waiting to get rich. But a week in, if the stock's so great, why are insiders still selling?