this post was submitted on 13 Sep 2023
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Unity bosses sold stock days before development fees announcement, raising eyebrows (www.eurogamer.net)
submitted 1 year ago by geosoco@kbin.social to c/games@sh.itjust.works
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Unity executives sold thousands of shares in the weeks leading up to last night's hugely controversial announcement it will soon charge developers when one of their games is downloaded.

The company has subsequently softened its stance slightly on a couple of aspects - but fury across the industry remains.

Behind the scenes, CEO John Riccitiello shifted 2000 shares last week on 6th September, as noted by Yahoo Finance, which noted this move was part of a trend over the past year where the exec has sold more than 50,000 shares in total and bought none.

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[–] FarFarAway@startrek.website -1 points 1 year ago (2 children)

First thought: If this was done on purpose, don't these people know how many bigwigs get caught. Like, all the time. Even martha stewart got caught. Jeeze.

Why would they think they would special? One would think they would give it up at this point.

Second thoughts: if CEOs, etc, keep this up, it makes me wonder how many people get away with it all the time, for them to take a chance like that.

Third thought: they really think the consequences for insider trading are less problematic to them than facing jail, and paying a fine up to, what, 3 times the amount they made? That makes no sense. Back to the second thought, I guess.

[–] Crashumbc@lemmy.world 2 points 1 year ago

Reality, is this happens SO OFTEN it is like "speeding" is to normal people... all the CEOs do it. After awhile, they do it worse, eventually you have few doing 100+ mph or someone gets killed. Then the government steps in...

[–] Ajen@sh.itjust.works 1 points 1 year ago

They keep doing it because they know they'll probably get away with it, and if they get caught they'll get a slap on the wrist. Martha Stewart went to jail for perjury, not insider trading. If she hadn't lied she probably would have just paid a fine instead of going to jail.