Good luck. If the SEC hasn’t already started building a case against him for insider trading, then nothing is going to happen to him. He’ll get a golden parachute and scurry off to ruin some other company.
"Selling shares before the announcement" was a pretty egregious misrepresentation. He has scheduled pre-registered sales on a regular basis because he gets paid partly in stock.
It was always going to be relatively soon after a sale of stock.
Just want to add you’re right but what pisses me off is that they still can influence decisions based on this. Let’s say his shares are sold at x day, just do some decisions before that and boom your auto sell share price is now either higher or lower. Only because it’s predetermined they still influence it and SEC now can’t do shit.
This has nothing in common with insider trading and doesn't resemble it in any way. The shares he sold weren't a relevant proportion of his ownership. He didn't sell then deliberately tank them. He sold then announced something he thought would improve the value of his big stake in the company. The decision almost definitely cost him a lot of money by substantially lowering the trajectory of his company's ability to maintain market share.
Exactly. It was plopping his dick on the table, then realizing "oh shit, no one actually is impressed by this".
Insider trading would be more "I know we're about to get sued for this egregious fuckup and have no defense, so I'm going to sell before the news leaks". Strategy knowledge can be part of insider trading, but it would tend to be more buying shares because you have advanced knowledge that a highly lucrative contract has been signed before the announcement. It would be harder to have selling because of a strategy decision be insider trading unless you were opposed to it internally, because decisions you make are intended to make the shareholders (you) money.
Don’t you bring facts into this! We want to be outraged!
Being serious though, they ought to be investigating whether there were any changes in those sale orders. If they’ve been the same and unchanged for the last two years or some long period of time, I don’t think there’s a case. But if they’re was an adjustment a month or two ago, that would be very problematic.
I think you mean a nice golden parachute to reward them for taking the heat, so they can swap in a new expensive face to implement slightly less unpopular fees.
Don’t buy this, the idea came from the board, Riccitiello has been selling his unity stock to the tune of 50k stocks over the last year, he knew the ship was sinking and was just coasting until the inevitable golden parachute.
The rot has set in deep, the issue isn’t him and firing him won’t fix anything.
My local gamedev scene is already extremely cautious of any future development using Unity. This whole play really showed Unity can and will fuck with their users.
Psh, that dude is old. He was probably barely working as is as the CEO. Retirement is practically a reward, as I’m sure his retirement package is quite lucrative. This is just a shallow PR move so Unity can try to assuage their big consumers that the big meanie is gone and to please not take their business elsewhere.
Every fucking capitalist/c-suite moron is so fucking desperate to join in on the financial subjugation of the lower class (US has no middle class anymore).
Eat the fucking rich, throw them out onto the streets and take the country back French style
The US still has a middle class, it’s just been perpetually shrinking for the last ~30-some-odd years.
Anywho, I fully support eliminating the billionaire class (financially, not guillotine style… hate-fueled violence like that tends to spread wildly out of control quite quickly, just like it did in the French Revolution). No one deserves a billion dollars. No one. And yes, I know the majority of billionaires don’t literally have billions just sitting in their checking account(s), but they still have access to that kind of money. Regardless, no one ethically attains billionaire status. It’s all ill-gotten wealth at the direct and indirect expense of others. It’s time to bring back pre-Reagan tax rates on the ultra rich. And while we’re at it, go ahead and destroy the Military Industrial Complex (US patch notes) so taxes aren’t just being diverted to other ultra rich fuckers in the defense contract business.
Honestly, does anyone really know about the CEO? I feel like she’s got a free ride. No one is going to say she tanked Twitter when Elon publicly announces everything stupid thing he wants done and says he picked it and he’s the brains behind it. If Twitter fails, it’s because Elon is a self absorbed moron, not because the CEO made a mistake. Which is kinda “doing it wrong” from the “we’ll hire some lady as CEO and blame her for the drop in revenue and engagement and then fire her for some cheap good will” idea that boards tend to go with.
Honestly I feel like if the CEO of Twitter made a mistake, it’d be an improvement over Elon’s changes.
They found their scapegoat. But anyone with a brain knows he didn’t just do this all on a whim. The whole board knew, and at least a majority agreed to this shit idea of theirs.
He was already retiring. He planned on taking the fall for this obviously unpopular change, is getting his golden parachute for doing so - that way all the ire and hate will leave with him, and Unity manages to successfully move the overton window into bad changes, that somehow everyone is HAPPY about because they got the worse-changes first and they feel like “justice” has been had.
Reddit did the same fucking thing with Ellen Pao.
Introduced a whole bunch of bullshit, everyone got pissed at Ellen (an interim CEO) and then she took off and everyone was happy while being fed horse-shit because “justice” had been served…she was out of her…job that she was already intending on leaving. God, I hate that everyone are such suckers…
We need to construct an economy that does not reward such behavior in the first place. If you incentivize bad behavior and punish the good, the fact that people go with the flow isnt really the problem. The problem is that we reward bad behavior and punish the good then chastize people for not sacrificing their own interests to swim against the current.
The same board of directors who put him there are in charge. The same corporate culture that let him push these decisions is still in place. The same critical mass of people in leadership who would care enough to block such crap still don’t work there.
Greedy out of touch old fuck.
Then again, it’s s not like the board is much better.
He’s gonna be their golden fall guy now, but it’s shit all the way up.
wired.com
Aktywne