Unity bosses sold stock days before development fees announcement, raising eyebrows
www.eurogamer.net
Unity executives sold thousands of shares in the weeks leading up to last night's hugely controversial announcement it …
  • Mudface@lemmy.world
    English
    42·
    10 months ago

    Aren’t there laws against this sort of thing? I think that’s significant fraud and he should go to prison

    • chaogomu@kbin.social
      3·
      10 months ago

      It was a pre-scheduled sale.

      They’re announced months in advance and can either trigger on a set date, or at a set stock price. It’s more complex than that, and can involve taxes and shit, but the sale itself was above board(ish).

      They likely delayed the announcement of the fees to ensure a higher stock price for the sale, which starts getting into a gray area.

      • Mudface@lemmy.world
        English
        21·
        10 months ago

        If it’s scheduled, which I know a lot of execs need to do anyways to trade stock, and it’s not just randomized and he knows when those sales happen, and he knows his decision is going to tank the price, he can manipulate what he announces and when it’s announced.

        What’s stopping him from just announcing this, selling the stock in a timer, then waiting just before he’s scheduled to buy stock and announce that he’s changed his mind?

        If I’m the guy who bought that stock from him I’d want to sue. He fucked some sucker over

        • chaogomu@kbin.social
          1·
          10 months ago

          That’s why this is a gray area.

          He’s not bought any stock this year. He’s just been selling off his compensation stock.

          He might just be an idiot who thought no one would complain or jump ship from using Unity.