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 11 months ago by geosoco@kbin.social to c/games@sh.itjust.works
8 comments fedilink hide all child comments
 

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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[–] Fjaeger@sopuli.xyz 0 points 11 months ago (2 children)

This isn't insider trading?

[–] TimLovesTech@badatbeing.social 1 points 11 months ago

I think the part where they had a trend of selling over the course of a year makes this not insider trading (or harder to prove if they were playing the long game).

[–] ShadowCat@lemmy.world 0 points 11 months ago* (last edited 11 months ago) (1 children)

My friend told me about this earlier and that's exactly what I thought. They knew this wouldn't be popular and would drop the value so they sold before the announcement, that's got to be insider trading

[–] Aux@lemmy.world -1 points 11 months ago (1 children)

Now the share price will drop and he will buy his share back at a discount. Then they will revert the policy and share prices will rise. Boom! Free monies!

[–] Bartsbigbugbag@lemmy.ml 0 points 11 months ago (1 children)

He’s actually sold over 50,000 shares and not bought any. It’s just unloading.

[–] Aux@lemmy.world -1 points 11 months ago

It's too early to buy back.

[–] gravitas_deficiency@sh.itjust.works -1 points 11 months ago

SEC has entered the chat

[–] Jaysyn@kbin.social -2 points 11 months ago

The irony of a bunch software devs about to sue the shit out of Unity to get EULAs invalidated.