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

⁨384⁩ ⁨likes⁩

Submitted ⁨⁨1⁩ ⁨year⁩ ago⁩ by ⁨shish_mish@lemmy.world⁩ to ⁨technology@lemmy.world⁩

https://finance.yahoo.com/news/unity-software-incs-president-ceo-050515124.html?guccounter=2

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Comments

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  • envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

    So he sells a bunch of shares right before the announcement that is likely going to tank their stock price

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    • Makhulu@geddit.social ⁨1⁩ ⁨year⁩ ago

      We should come up with a name for such an act

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      • uzay@infosec.pub ⁨1⁩ ⁨year⁩ ago

        We should make it illegal too!

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      • Nioxic@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

        Cocksucking!

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      • Dasnap@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Something catchy, like the ‘buy and bail’.

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    • shish_mish@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Yes that appears to be the case…

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    • 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.

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      • 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.

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      • 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?

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      • 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

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    • 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.

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    • 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.

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      • Brokkr@lemmy.world ⁨1⁩ ⁨year⁩ ago

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

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      • 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

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    • 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.

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      • envis10n@lemm.ee ⁨1⁩ ⁨year⁩ ago

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

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    • learningduck@programming.dev ⁨1⁩ ⁨year⁩ ago

      And 2k shares is a lot?

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  • chalupapocalypse@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Oh the guy who made EA suck is now making Unity suck what a shocker

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    • Ertebolle@kbin.social ⁨1⁩ ⁨year⁩ ago

      He should go work for Epic, they're really just begging to be run into the ground by a shitty CEO

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      • chalupapocalypse@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Nah Sweeny might be a goof but it’s nice to see a geek instead of a suit run things

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      • ysjet@lemmy.world ⁨1⁩ ⁨year⁩ ago

        They already are.

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  • TsarVul@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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  • NOT_RICK@lemmy.world ⁨1⁩ ⁨year⁩ ago

    As they say, trust is built in drops and lost in buckets. This guy is a fucking idiot, even by corporate douchebag standards

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    • holycrap@lemm.ee ⁨1⁩ ⁨year⁩ ago

      I wish I was a well connected idiot 😞

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    • BURN@lemmy.world ⁨1⁩ ⁨year⁩ 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

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    • Immersive_Matthew@sh.itjust.works ⁨1⁩ ⁨year⁩ 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.

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  • pdxfed@lemmy.world ⁨1⁩ ⁨year⁩ 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

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    • solstice@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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      • pdxfed@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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  • northendtrooper@lemmy.ca ⁨1⁩ ⁨year⁩ 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.

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    • Dawn@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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    • morriscox@lemmy.world ⁨1⁩ ⁨year⁩ ago

      I looked at C++ code and C# code and decided to go for C# because it’s actually readable for someone starting.

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  • sadbehr@lemmy.nz ⁨1⁩ ⁨year⁩ 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.

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    • learningduck@programming.dev ⁨1⁩ ⁨year⁩ ago

      Those could’ve been just employees selling mature stock options.

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      • douglasg14b@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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  • mrsgreenpotato@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago

    He already knew a long time ago that this ship is sinking… What a pity, time to learn Godot.

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    • learningduck@programming.dev ⁨1⁩ ⁨year⁩ 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.

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      • sebinspace@lemmy.world ⁨1⁩ ⁨year⁩ 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.

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      • mrsgreenpotato@discuss.tchncs.de ⁨1⁩ ⁨year⁩ 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.

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  • canni@lemmy.one ⁨1⁩ ⁨year⁩ ago

    I mean that’s only like $70,000, which I’m guessing for him isn’t a huge amount of money.

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  • yoz@aussie.zone ⁨1⁩ ⁨year⁩ ago

    Big whooop

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  • CEbbinghaus@mas.to ⁨1⁩ ⁨year⁩ ago

    @shish_mish well that is surprising #gamedev #unity

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