Oh the guy who made EA suck is now making Unity suck what a shocker
Unity Software Inc's President and CEO John Riccitiello Sells 2,000 Shares
Submitted 9 months ago by shish_mish@lemmy.world to technology@lemmy.world
https://finance.yahoo.com/news/unity-software-incs-president-ceo-050515124.html?guccounter=2
Comments
chalupapocalypse@lemmy.world 9 months ago
Ertebolle@kbin.social 9 months ago
He should go work for Epic, they're really just begging to be run into the ground by a shitty CEO
chalupapocalypse@lemmy.world 9 months ago
Nah Sweeny might be a goof but it’s nice to see a geek instead of a suit run things
ysjet@lemmy.world 9 months ago
They already are.
TsarVul@lemmy.world 9 months ago
Like laying down a mighty fart just as the elevator doors close, Unity management abandon the aircraft they were supposed to captain on their golden parachutes. The corporate money making machine continues to chug on.
NOT_RICK@lemmy.world 9 months ago
As they say, trust is built in drops and lost in buckets. This guy is a fucking idiot, even by corporate douchebag standards
holycrap@lemm.ee 9 months ago
I wish I was a well connected idiot 😞
BURN@lemmy.world 9 months ago
I’m pretty sure every moderately in touch indie developer has removed Unity from their future projects. They’ve entirely lost the trust of the community and probably can’t do anything to earn it back
Immersive_Matthew@sh.itjust.works 9 months ago
I too think he is an idiot, but since he likely is not, we have to wonder why he is tanking Unity. Mayne he and Musk are both playing some game where they personally win by destroying a company? I don’t know, but it all seems suspicious.
pdxfed@lemmy.world 9 months ago
He sold 2,000 fucking options at $.143 a piece today. The largest trade he’s ever made was selling 1,899,317 units of Unity Software stock on 4 June 2020 worth over $87,615,493. On average, Mr trades about 193,001 units every 155 days since 2012.
Stop clicking on yahoo finance shit articles. wallmine.com/people/85761/john-s-riccitiello
solstice@lemmy.world 9 months ago
Adding to this: SEC regs for officers in public companies require them to plan and disclose trades well in advance. It’s not exactly my field and I’m way too lazy to research, but it’s probably like one or two quarters in advance. This is to prevent market panic and speculation exactly like the bs in this thread.
pdxfed@lemmy.world 9 months ago
Yep, I didn’t bother to include the advance disclosure requirements. Publically traded company employees with insider information are banned from trading on it (theoretically could be anyone but generally just reserved for execs who actually make enough off the dishonesty to be worth going after). Execs can’t even trade in real time as the temptation is obviously too great, they have to make any buy/sell purchases of their own company a quarter in advance.
northendtrooper@lemmy.ca 9 months ago
I remember rooting for Unity over Unreal because I like using C# over C++ (because smooth brain). But when he stated that if dev aren’t using mobile then they are dumb (paraphrasing), I shifted to Unreal. Glad I did after seeing this shit show. Hope he gets the boot after this.
Dawn@lemmy.world 9 months ago
I liked using unity cause it was faster, more light weight, and had much more community based things around it. I’ve been mainly developing in unreal this past year due to it being a group thing, but I’m gonna be fully switching over to Godot for any personal or individual development now.
morriscox@lemmy.world 9 months ago
I looked at C++ code and C# code and decided to go for C# because it’s actually readable for someone starting.
sadbehr@lemmy.nz 9 months ago
This move is part of a larger trend for the insider, who over the past year has sold a total of 50,610 shares and purchased none.
Nothing suspicious about that.
learningduck@programming.dev 9 months ago
Those could’ve been just employees selling mature stock options.
douglasg14b@lemmy.world 9 months ago
This is the new Reddit, things like reasoning don’t go with the group think, we don’t do that here.
/s obviously, since this was downvoted thought I’d be sassy about the general decline in lemmy quality.
mrsgreenpotato@discuss.tchncs.de 9 months ago
He already knew a long time ago that this ship is sinking… What a pity, time to learn Godot.
learningduck@programming.dev 9 months ago
Not defending the CEO, but selling 2k shares mean nothing for a CEO. I believe this would be a small percentage of his bonus.
sebinspace@lemmy.world 9 months ago
Still immoral. I know everyone here is arguing about SEC regulations and that fuckboy was technically within his legal rights, but I’d like to remind you all that THE LAW IS ONLY THE BARE MINIMUM FOR ACCEPTABLE HUMAN BEHAVIOUR AND YOU SHOULD PROBABLY AIM WELL ABOVE IT TO NOT BE A COMPLETE SHITBAG
I don’t care about what’s legal, this was still an immoral move.
mrsgreenpotato@discuss.tchncs.de 9 months ago
According to the article, he has sold over 50000 within the last year alone, and hasn’t buy back a single one. And that’s already saying something.
canni@lemmy.one 9 months ago
I mean that’s only like $70,000, which I’m guessing for him isn’t a huge amount of money.
yoz@aussie.zone 9 months ago
Big whooop
CEbbinghaus@mas.to 9 months ago
@shish_mish well that is surprising #gamedev #unity
envis10n@lemm.ee 9 months ago
So he sells a bunch of shares right before the announcement that is likely going to tank their stock price
Makhulu@geddit.social 9 months ago
We should come up with a name for such an act
uzay@infosec.pub 9 months ago
We should make it illegal too!
Nioxic@lemmy.dbzer0.com 9 months ago
Cocksucking!
Dasnap@lemmy.world 9 months ago
Something catchy, like the ‘buy and bail’.
shish_mish@lemmy.world 9 months ago
Yes that appears to be the case…
meco03211@lemmy.world 9 months ago
Pretty sure CEOs need to jump through more hoops to sell their shares like reporting that they plan to sell.
Carighan@lemmy.world 9 months 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.
FredericChopin_@feddit.uk 9 months ago
Yeah. I’m not one to defend CEOs but don’t they usually have these orders in place years in advance?
envis10n@lemm.ee 9 months 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
cybersandwich@lemmy.world 9 months 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.
Ranvier@sopuli.xyz 9 months 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.
Brokkr@lemmy.world 9 months ago
Price is tanking at the opening bell while the market overall is flat or positive.
envis10n@lemm.ee 9 months 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
VeracityMD@kbin.social 9 months ago
If you RTFA he's been selling shares steadily over the last year. This is not exactly a sudden dump.
envis10n@lemm.ee 9 months ago
Yeah, I did read it. Doesn’t mean he didn’t know that there would be backlash
learningduck@programming.dev 9 months ago
And 2k shares is a lot?