Comment on Unity Backpedals on Its Horrible Plan for Game Install Fees Amid Developer Backlash
MrBananaMan@lemm.ee 1 year ago
I keep seeing this thing about the CEO selling shares. It was an automatic sell that was preplanned way in advance. That’s what the rule 10b-5 trading plan means in the disclosures.
Ethics are not the law
They know what was likely to happen and they knew when the sell was scheduled for. Tinfoil, but I assume the plan was for people to be disgruntled and devalue it enough for a buyout rather than result in half of game dev going scorched earth and significant parts of the company quitting.
It was a cancellable automatic sell. Which means it’s just a way to make insider trading legal. Everything is legal if you’re rich.
Ottomateeverything@lemmy.world 1 year ago
I don’t see how this is a defense. If it’s scheduled, he knows it’s happening. He could have just delayed the announcement until the day after his shares were scheduled to sell, and the intention is the same. Having a schedule doesn’t exempt you from insider trading, it’s a procedure that needs to be followed.
On the other hand, the better defense here is that he’s a multi millionaire or billionaire, and he sold like $80k worth of shares. If he was really intending to dump, he’d be selling like 100x this amount.