Jennifer Wong
About Jennifer Wong
Jennifer Wong is Reddit’s Chief Operating Officer, serving since April 2018; she is 50 years old as of March 31, 2025, and holds an MBA (Harvard), an MS in Engineering Economic Systems & Operations (Stanford), and a BS in Applied Mathematics (Yale) . In Q2 2025, Reddit reported total revenue of $500 million, up 78% YoY, with advertising revenue of $465 million, up 84% YoY, underlining execution strength in Wong’s remit over monetization and advertiser solutions . Under the annual bonus program, 2024 payouts were tied to DAUq, revenue, and Adjusted EBITDA; NEOs (including Wong) received 225% of target due to overachievement . Wong’s compensation includes substantial equity and options; hedging and pledging are prohibited, and a clawback policy was adopted in February 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Time Inc. | Chief Operating Officer and President of Digital | Jan 2016–Feb 2018 | Led digital operations at mass media company . |
| POPSUGAR Inc. | Chief Business Officer | Sep 2011–Dec 2015 | Senior commercial leadership at media/tech platform . |
| McKinsey & Company | Associate Partner | n/a | Strategy and management consulting experience . |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| IMAX Corporation | Director | Mar 2023 | Technology and entertainment company board . |
| Discover Financial Services | Director | Jul 2019 | Banking/financial services board . |
| Marfeel Solutions, S.L. | Director | Jan 2016 | Ad/marketing technology platform board . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 562,772 | 583,820 | 640,577 |
| Target Bonus (%) | n/a | 60% | 75% |
| Actual Bonus Paid ($) | 168,832 | 506,880 | 1,096,875 |
| Perquisites ($) | 7,375 (401k match) | 7,375 (401k match) | 37,544 (401k $7,375; personal security $25,362; housing $4,807) |
Performance Compensation
- 2024 Annual Cash Bonus Plan metrics: DAUq, revenue, Adjusted EBITDA; payout funded at 225% of target (Wong’s target $487,500; payout $1,096,875) .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| DAUq | Not disclosed | Not disclosed | Not disclosed | 225% of target achieved | Cash (annual) |
| Revenue | Not disclosed | Not disclosed | Not disclosed | 225% of target achieved | Cash (annual) |
| Adjusted EBITDA | Not disclosed | Not disclosed | Not disclosed | 225% of target achieved | Cash (annual) |
Equity Grants and Vesting
| Award Type | Grant Date | Shares/Units | Vesting Schedule | Notes |
|---|---|---|---|---|
| RSU | 3/24/2022 | 323,677 | Noted as outstanding; vesting dates not specified in table | Market value $52,901,769 at 12/31/2024 . |
| RSU | 12/25/2023 | 584,811 | Outstanding; vests per plan | Market value $95,581,510 at 12/31/2024 . |
| Stock Option | 6/12/2018 | 569,787 (exercisable) | N/A | Strike $5.35; expires 6/11/2028 . |
| Stock Option | 5/20/2021 | 88,984 (exercisable) | N/A | Strike $20.76; expires 5/19/2031 . |
| Stock Option | 12/25/2023 | 288,452 (exercisable); 1,169,622 (unexercisable) | Time-based | Strike $25.29; expires 12/25/2033 . |
| Stock Option | 12/25/2023 | 97,468 (exercisable); 389,874 (unexercisable) | Time-based | Strike $45.00; expires 12/25/2033 . |
| Stock Option | 12/25/2023 | 97,469 (exercisable); 389,874 (unexercisable) | Time-based | Strike $60.00; expires 12/25/2033 . |
| Stock Option | 12/25/2023 | 97,469 (exercisable); 389,874 (unexercisable) | Time-based | Strike $90.00; expires 12/25/2033 . |
| Equity Granting Practice | 2024 Guidelines | n/a | Standard grant dates: Feb 20, May 20, Aug 20, Nov 20; awards no more than monthly | Committee guidelines adopted in 2024 . |
| RSU Standard Vests (examples) | 2/7/2024, 9/3/2024 | n/a | Quarterly installments or cliff at 11/20/2026 | As described in proxy footnotes (plan-level) . |
Equity Ownership & Alignment
| Component | Detail |
|---|---|
| Total Beneficial Ownership | 2,142,299 Class A shares (1.6% of Class A outstanding) as of 3/31/2025 . |
| Breakdown (Footnote 4) | 626,550 Class A directly; 161,000 Class A via MorMa Trust (spouse control); 1,285,832 options exercisable within 60 days; 68,917 RSUs settleable within 60 days (as of 3/31/2025) . |
| Insider Trading Plan | Adopted Rule 10b5-1 plan on 5/16/2025 for sale of up to 714,656 shares (individual and trust); terminates upon execution or 8/19/2026; actual shares impacted by tax withholding . |
| Hedging/Pledging | Hedging and pledging of Reddit securities prohibited by policy; margin purchases prohibited . |
| Clawback | Compensation Recovery Policy adopted Feb 2024, covering incentive-based compensation upon restatements . |
Employment Terms
- Offer Letter: At-will employment; base salary and variable compensation set by agreement and committee .
- Severance Agreement (outside CoC period): 12 months base salary; up to 12 months COBRA premiums; 12 months additional vesting for time-based equity awards upon “covered termination” (without cause/good reason) .
- Change-in-Control (double trigger, within 3 months before to 12 months after CoC): 12 months base salary; prorated target annual bonus; up to 18 months COBRA; full vesting acceleration (performance goals deemed at target) .
- Potential Payments (as of 12/31/2024):
- No CoC: Cash severance $650,000; accelerated vesting value $114,236,330; total ~$114,886,330 .
- With CoC: Cash severance $650,000; prorated target bonus $487,500; accelerated vesting value $425,204,148; total ~$426,341,648 .
Performance & Track Record
- Q2 2025 operations: Revenue $500 million (+78% YoY); advertising revenue $465 million (+84% YoY), with gains from Dynamic Product Ads (DPA) and conversion API adoption; DPA consistently achieved ~2x ROAS vs standard conversion campaigns .
- Advertiser and go-to-market initiatives: Smartly integration to ease multi-channel activation; global accounts servicing; growth in active advertiser base with diversification across objectives .
- Consumer and product strategy: Focus on core product, search unification (Reddit Answers), and internationalization; brand campaign in France; building unique Reddit search behavior .
Governance, Policies, and Committee Practices
- Compensation & Talent Committee used Pearl Meyer market analysis to increase Wong’s 2024 target bonus from 60% to 75% to align with benchmarks .
- Equity grant timing guidelines set (Feb/May/Aug/Nov 20) and policy not to time grants around MNPI .
- Board recommends annual advisory say-on-pay frequency (no vote results disclosed) .
- Insider Trading Policy filed as Exhibit 19.1; covers officers, directors, employees, and controlled entities .
2022–2024 Compensation Summary
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 562,772 | 583,820 | 640,577 |
| Bonus ($) | 168,832 | — | — |
| Stock Awards ($) | 29,946,596 | 45,696,176 | — |
| Option Awards ($) | — | 45,736,084 | — |
| Non-Equity Incentive Plan ($) | — | 506,880 | 1,096,875 |
| All Other Compensation ($) | 7,375 | 7,375 | 37,544 |
| Total ($) | 30,685,575 | 92,530,335 | 1,774,996 |
Equity Award Activity and Realized Value (2024)
| Metric | 2024 |
|---|---|
| Shares acquired on option exercise (#) | 795,620 |
| Value realized on option exercise ($) | 36,203,699 |
| Shares acquired on RSU vesting (#) | 1,334,271 |
| Value realized on RSU vesting ($) | 55,125,767 |
Risk Indicators & Red Flags
- Insider selling pressure: Rule 10b5-1 plan for up to 714,656 shares over ~15 months (through Aug 19, 2026) may create supply overhang; note tax withholding effects on actual shares .
- Governance protections: Clawback policy adopted in 2024; hedging and pledging prohibited, reducing misalignment risks .
- No disclosed related-party transactions specific to Wong; no tax gross-ups disclosed for golden parachutes .
Investment Implications
- Alignment: Significant unvested equity and options plus strict no-hedging/pledging and a robust clawback policy support alignment with long-term value creation .
- Incentive sensitivity: 2024 bonus tied to DAUq, revenue, and Adjusted EBITDA—with a 75% target bonus and 225% payout—suggests strong pay-for-performance linkage; watch for evolving metric rigor over time .
- Overhang and potential selling: Large outstanding RSUs/options and the 10b5-1 plan for up to 714,656 shares imply periodic selling pressure; monitor Form 4s and settlement schedules to anticipate supply dynamics .
- Execution track record: Advertiser performance products (e.g., DPA at ~2x ROAS), ecosystem integrations, and international/consumer product advances bolster monetization execution under Wong’s operational leadership .