Unity Backpedals on Its Horrible Plan for Game Install Fees Amid Developer Backlash::Unity CEO John Riccitiello reportedly sold thousands of shares of stock in the weeks ahead of the fee announcement.
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Yeah lol “Publicy traded company releases vague PR message to appease investors” is the headline
I don’t think investors are idiots. They will look at whether the development community will accept whatever those changes end up being, or see whether Unity will just quietly let this thing die and pretend it never happened.
It’s harder to be stupid when it’s your money on the line.
They aren’t, this PR message will do very little, but it’s still better than “going dark” after their announcements for now
Yup, this is a stop gap to give them time to figure out how much they can still get away with.
Step 1: Propose an incredibly stupid, greedy, unpopular move that gets everyone pissed off.
Step 2: Announce a change of plans due to the feedback, and implement your original less stupid, greedy, unpopular move.
Step 2 is sell/short stock not revert idiotic changes
That’s step 0. They’ve already done it.
CEO should not be compensated in shares because they have insider information and can benefit from manipulation. It has always been a recipe for disaster.
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All it does is encourages stock buybacks. Too many CEOs are trash at running companies.
If I were a developer, the fact that Unity seriously considered doing this means I would stop using it as soon as possible. Even if they reverted it now, they can’t be trusted to not try something similarly shitty later.
Even if they actually backpedaled, I don’t care! They’ve already shown what they’re willing to try to get away with. Even if they didn’t succeed, it says a lot about where their head is, and I can’t trust a company like that.
Good to see businesses still backpedaling.
It’s getting frightening that companies are basically at the point of “We plan to take all your money and there’s nothing you can do about it, bitch.”
Fuck you unity. I wanna see this kill your whole platform.
Too late, on my way to Godot, lesson 3, bye-bye suckas.
I keep seeing this thing about the CEO selling shares. It was an automatic sell that was preplanned way in advance. That’s what the rule 10b-5 trading plan means in the disclosures.
I don’t see how this is a defense. If it’s scheduled, he knows it’s happening. He could have just delayed the announcement until the day after his shares were scheduled to sell, and the intention is the same. Having a schedule doesn’t exempt you from insider trading, it’s a procedure that needs to be followed.
On the other hand, the better defense here is that he’s a multi millionaire or billionaire, and he sold like $80k worth of shares. If he was really intending to dump, he’d be selling like 100x this amount.
It was a cancellable automatic sell. Which means it’s just a way to make insider trading legal. Everything is legal if you’re rich.
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