Comment on Unity Software Inc's President and CEO John Riccitiello Sells 2,000 Shares

envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

• Makhulu@geddit.social ⁨1⁩ ⁨year⁩ ago

  We should come up with a name for such an act

  source

  • uzay@infosec.pub ⁨1⁩ ⁨year⁩ ago

    We should make it illegal too!

    source

    • ColonelSanders@lemmy.world ⁨1⁩ ⁨year⁩ ago

      We need to make sure we come up with a way to enforce it as well!

      source

      • Virkkunen@kbin.social ⁨1⁩ ⁨year⁩ ago

        Okay, you lost me there now buddy!

        source
    • MxM111@kbin.social ⁨1⁩ ⁨year⁩ ago

      It actually is. The insider sells have to be announced well in advance.

      source

      • ColonelSanders@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Psst! That was the joke!

        source
      • The_v@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Makes it easier for executives to plan when to make announcements like this.

        So he scheduled selling 2,000 shares 3 months ago. Then made the announcement a few days after the sales clear. Easily planned for on this type of announcement.

        They also do the same thing for positive news that will increase the stock prices. Announce it a few days before their scheduled sale.

        Creating a routine selling/buying schedule that coincides with expected announcement periods is pretty easy.

        source
  • Nioxic@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

    Cocksucking!

    source
  • Dasnap@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Something catchy, like the ‘buy and bail’.

    source

    • datelmd5sum@lemmy.world ⁨1⁩ ⁨year⁩ ago

      cum and run

      source
• shish_mish@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Yes that appears to be the case…

  source
• meco03211@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Pretty sure CEOs need to jump through more hoops to sell their shares like reporting that they plan to sell.

  source

  • Carighan@lemmy.world ⁨1⁩ ⁨year⁩ ago

    And if they don’t, sometimes they get a slap on the wrist, assuming the money is still within the country. Which it ain’t.

    source
  • FredericChopin_@feddit.uk ⁨1⁩ ⁨year⁩ ago

    Yeah. I’m not one to defend CEOs but don’t they usually have these orders in place years in advance?

    source
  • envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

    You think they just suddenly came up with this model? No shit they have to jump through hoops. That doesn’t stop them from doing it in advance of something like this

    source
• cybersandwich@lemmy.world ⁨1⁩ ⁨year⁩ ago

  A “bunch” being 2000 when he still owns like 3000x that. This was a quarterly tax sell off that an unethical reporter is using to get clicks.

  Hes a dick but this stock selling isn’t nefarious.

  source
• Ranvier@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

  Not that scumbag ceos wouldn’t do such a thing, but doesn’t appear to be the case here: finance.yahoo.com/quote/U/ Anyways, investors love this subscription model recurring revenue junk, makes sense that if anything their stock price has risen from this announcement. We’ll see how it pans out in the long term though.

  source

  • Brokkr@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Price is tanking at the opening bell while the market overall is flat or positive.

    source

    • Ranvier@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

      It’s hard to say sometimes, announcement was yesterday morning and it didn’t budge it much. It could also be related to the consumer price index showing an inflation uptick this morning compared to July, raising concerns for more rate increases. That report was just released this morning so seems a more likely cause for a change today.That tends to hit faster growing tech companies with poor p/e ratios like unity. There are other companies with the same pattern today, and the drop around the same time. Maybe you could argue the backlash wasn’t felt to overnight or something? But it’s the stock market, no one can really say for sure. Not that insider trading and things aren’t huge problems, but a ceo who’s paid in stock and has regular planned in advance sales of that stock doesn’t seem quite the conspiracy to me in this specific case. This was another single 2,000 sale, small in comparison to the 50,000 shares sold so far this year alone for this guy. Ceos often have pay and bonuses tied directly to share price, so the idea they would force a policy they thought would lose money in a conspiracy to tank the share price all to sell another 4% of the total amount of stock he’s sold this year at a 5% profit seems like a bit of a stretch to me.

      source
  • envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

    Depending on how long the backlash can stick around, I would expect to see it go down with a large exodus. In particular, if Microsoft gets upset about the impact it could have to gamepass. Unity does seem to be backtracking, but it really feels like they overextended on purpose to make the actual result feel less shitty

    source
• VeracityMD@kbin.social ⁨1⁩ ⁨year⁩ ago

  If you RTFA he's been selling shares steadily over the last year. This is not exactly a sudden dump.

  source

  • envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

    Yeah, I did read it. Doesn’t mean he didn’t know that there would be backlash

    source
• learningduck@programming.dev ⁨1⁩ ⁨year⁩ ago

  And 2k shares is a lot?

  source