504
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 14 Sep 2023
504 points (97.5% liked)
Technology
58133 readers
4776 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
1.5 years of learning unity gone down the shitter. here I come, godot
even if they backtrack, trust is ruined at this point. this only makes sense if you're trying to destroy the company intentionally and short your stock on the way out. what the fuck
And this is the real damage to their business here. They clearly lost sight of their business model: Create an army of developers who know their product very well, so that it's on a short list of products studios are all but forced to consider.
A wave of developers who know soemthing other than Unity or Unreal has the potential to turn the games development ecosystem totally on its head. They didn't shoot themselves on the foot, they possibly shot themselves in the femoral artery.
I myself have been describing it as them shooting themselves in the chest, and are now bleeding out on the floor asking how it happened.
The CEO did sell a bunch of shares before this was announced, I hear.
That's clickbait journalism.
He sold 2000 shares for $40/share, which he then immediately bought back for $1.42/share.
https://finance.yahoo.com/screener/insider/RICCITIELLO%20JOHN%20S
Which means he sold at the top, then bought more at the bottom so he can ride the train back up to do the same thing again.
This isn't a good thing.
Pretty much the dream insider trading plan. But $80k doesn’t deem like much for a CEO
It's definitely not. It's probably just a free $80k his contract allowed him to get.
It was probably part of his contract. It wasn't $40 when he sold it. As probably allowed by his contract, he sold it back to the company and bought it back for pennies. It's just compensation not some conspiracy on his individual part.
When you sell your time and labour for a living, you tend to not have any idea about how people who own property for a living get paid. And the ownership class does a pretty good job at misinforming the working class about those details, since it benefits them to be seen as just doing the same things at a different scale. Insights into the actual process of their compensation will look like some sort of conspiratorial scheme because... Well, because it is. It's just not the one people will tend to tie it to. And it's not an illegal one.
They want us to believe they're playing baseball in the major leagues while we're on the company softball team, instead of highlighting that they're actually playing poker with a stacked deck against a casino they own.
What you said doesn't make any sense. Either it wasn't $40 a share when he sold it like you said in this comment or it was $40 a share like you said in the previous comment.
I guarantee you his contract looks like something like this, "If you meet X performance metric, the company will buy N amount of shares (maximum 2000) back at the maximum/average stock price within Y days and sell you back the amount of shares sold (maximum 2000) for Z dollars."
It makes sense if the company had agreed to buy the shares off of him at market rates and then sell him stock back at a significant discount. Doing this would allow him to claim the money gained as capital gains rather than employment income, and it wouldn't count as insider trading if it was an arrangement made and timelines settled upon before the bullshit was planned.
It could be something like having his contract say that the company will buy back X shares when the share price hits $Y in value, for instance.
You're describing something worse.