Unity Backpedals on Its Horrible Plan for Game Install Fees Amid Developer Backlash::Unity CEO John Riccitiello reportedly sold thousands of shares of stock in the weeks ahead of the fee announcement.

  • MrBananaMan@lemm.ee
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    1 year ago

    I keep seeing this thing about the CEO selling shares. It was an automatic sell that was preplanned way in advance. That’s what the rule 10b-5 trading plan means in the disclosures.

    • Ottomateeverything@lemmy.world
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      1 year ago

      I don’t see how this is a defense. If it’s scheduled, he knows it’s happening. He could have just delayed the announcement until the day after his shares were scheduled to sell, and the intention is the same. Having a schedule doesn’t exempt you from insider trading, it’s a procedure that needs to be followed.

      On the other hand, the better defense here is that he’s a multi millionaire or billionaire, and he sold like $80k worth of shares. If he was really intending to dump, he’d be selling like 100x this amount.

    • Puzzle_Sluts_4Ever@lemmy.world
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      1 year ago

      Ethics are not the law

      They know what was likely to happen and they knew when the sell was scheduled for. Tinfoil, but I assume the plan was for people to be disgruntled and devalue it enough for a buyout rather than result in half of game dev going scorched earth and significant parts of the company quitting.

    • Alien Nathan Edward@lemm.ee
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      1 year ago

      It was a cancellable automatic sell. Which means it’s just a way to make insider trading legal. Everything is legal if you’re rich.