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Unity bosses sold stock days before controversial repricing announcement
(www.eurogamer.net)
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this post was submitted on 14 Sep 2023
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Aren’t there laws against this sort of thing? I think that’s significant fraud and he should go to prison
laws? those only apply to the poor and minority groups.
Of course
It was a pre-scheduled sale.
They're announced months in advance and can either trigger on a set date, or at a set stock price. It's more complex than that, and can involve taxes and shit, but the sale itself was above board(ish).
They likely delayed the announcement of the fees to ensure a higher stock price for the sale, which starts getting into a gray area.
If it’s scheduled, which I know a lot of execs need to do anyways to trade stock, and it’s not just randomized and he knows when those sales happen, and he knows his decision is going to tank the price, he can manipulate what he announces and when it’s announced.
What’s stopping him from just announcing this, selling the stock in a timer, then waiting just before he’s scheduled to buy stock and announce that he’s changed his mind?
If I’m the guy who bought that stock from him I’d want to sue. He fucked some sucker over
That's why this is a gray area.
He's not bought any stock this year. He's just been selling off his compensation stock.
He might just be an idiot who thought no one would complain or jump ship from using Unity.
I dunno, I doubt he’s an idiot. But this game is all rigged anyway