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Unity bosses sold stock days before controversial repricing announcement (www.eurogamer.net)

submitted 1 year ago by onlooker@lemmy.ml to c/gaming@lemmy.ml

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Archive.org mirror: https://web.archive.org/web/20230914133443/https://www.eurogamer.net/unity-bosses-sold-stock-days-before-development-fees-announcement-raising-eyebrows

This shit can't be legal. Do we have any lawyers on here?

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[–] givesomefucks@lemmy.world -4 points 1 year ago (1 children)

What?

Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company

https://en.m.wikipedia.org/wiki/Insider_trading

[–] teawrecks@sopuli.xyz 6 points 1 year ago (2 children)

CEOs have to schedule their sales many months ahead of time. Also, it was 2000 shares, which is peanuts.

The article is focusing on this guy because people know who he is. Instead, they should be focusing on the board members who sold tens of thousands of shares right before the announcement. From Kotaku:

Tomer Bar-Zeev, Unity’s president of growth, ...sold 37,500 shares on September 1 for roughly $1,406,250, and board director Shlomo Dovrat, who sold 68,454 shares on August 30 for around $2,576,608.

Source

That is way more sus.

Also, I actually didn't know this until yesterday, but CEOs are also permitted to buy shares of their own company, so long as they clear the purchase with the SEC. But that would indicate they're optimistic about their company...

[–] wintermute_oregon@lemm.ee 2 points 1 year ago

It’s actually common for ceo to buy shares to show they have faith in the company.

It’s like a sale. They have to plan it in advance to clear the insider trading rules.

My previous company the ceo bought several million dollars of shares during the early COVID dip. It was to show he had faith in the company.

It’s why it has to be clear to make sure it’s not manipulating the market since it sends a strong signal to everyone.

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

CEOs have to schedule their sales many months ahead of time

As opposed to stuff like this, where they came up with it yesterday afternoon, right?

If they planned this change and the sale both months ago, what does it change? They scheduled the sale days before the change was answered.

What's hard to understand here?