this post was submitted on 15 Sep 2023
1085 points (98.0% liked)
Technology
60076 readers
4315 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 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I dont understand how the board allows this behaviour, how do they not interween when an executive clearly is abusing the terms of the contract at the expense of the conpany
They know exactly what they're doing.
They've been collecting metrics for months and plugging them into spreadsheets to figure out exactly how profitable this will be, just waiting for the right moment to pull the trigger.
They knew it would be incredibly unpopular. They knew it would likely kill the company one day.
But the spreadsheet doesn't care about any of that so neither do they. They sold off stocks then made the announcement.
When the changes go live, they'll squeeze everything they can out of successful projects, who will be left in a position of "losing 50% to Unity is better than losing 100% from pulling the game".
They'll stuff their pockets with us much of that money as they can and when the spreadsheet tells them to, they'll pull the plug and strip the company for parts.
It was the best thing for them and that was all that mattered.
Not to mention money can be made litteraly betting on the stock price swinging from the bad news. Calls and puts plan far enough in advance and automate/preset triggers via broker agreements and can even avoid getting nailed for the obvious insider trading a lot of the time.
This shit should be illegal. If it isn't already.
Destroying a company for your own personal gain is why America is falling under
It's not going to change as long as the only people to vote for are "red neoliberals" or "blue neoliberals".
They also made the announcement right after an iPhone announcement. Unfortunately, the iPhone was completely underwhelming, so the news didn’t get buried like they probably expected.
The executive was hired by the board or with the board support (CEO usually)
They did exactly what they wanted
The stakeholders want to cash out. A temporary bump to increase the company's value with no regard for future prospects is great for them.
$$$
This scheme worked fine for thousands before him, so clearly board members are not an issue, presumably because they benefit from it.