• PM_Your_Nudes_Please@lemmy.world
      link
      fedilink
      English
      arrow-up
      68
      arrow-down
      14
      ·
      1 year ago

      Good luck. If the SEC hasn’t already started building a case against him for insider trading, then nothing is going to happen to him. He’ll get a golden parachute and scurry off to ruin some other company.

      • conciselyverbose@kbin.social
        link
        fedilink
        arrow-up
        66
        arrow-down
        2
        ·
        1 year ago

        “Selling shares before the announcement” was a pretty egregious misrepresentation. He has scheduled pre-registered sales on a regular basis because he gets paid partly in stock.

        It was always going to be relatively soon after a sale of stock.

        • William@lemmy.world
          link
          fedilink
          English
          arrow-up
          25
          arrow-down
          4
          ·
          1 year ago

          As if you can’t schedule your announcements to fall just after the scheduled stock sales… Or just before them, if you want.

        • sino@feddit.de
          link
          fedilink
          English
          arrow-up
          12
          arrow-down
          2
          ·
          1 year ago

          Just want to add you’re right but what pisses me off is that they still can influence decisions based on this. Let’s say his shares are sold at x day, just do some decisions before that and boom your auto sell share price is now either higher or lower. Only because it’s predetermined they still influence it and SEC now can’t do shit.

          • conciselyverbose@kbin.social
            link
            fedilink
            arrow-up
            14
            arrow-down
            6
            ·
            1 year ago

            This has nothing in common with insider trading and doesn’t resemble it in any way. The shares he sold weren’t a relevant proportion of his ownership. He didn’t sell then deliberately tank them. He sold then announced something he thought would improve the value of his big stake in the company. The decision almost definitely cost him a lot of money by substantially lowering the trajectory of his company’s ability to maintain market share.

            • SuddenlyBlowGreen@lemmy.world
              link
              fedilink
              English
              arrow-up
              9
              arrow-down
              2
              ·
              1 year ago

              He sold then announced something he thought would improve the value of his big stake in the company.

              In what universe?

              • Revan343@lemmy.ca
                link
                fedilink
                English
                arrow-up
                5
                arrow-down
                1
                ·
                1 year ago

                If he didn’t think the announcement would improve the value of the company, why did they do it?

                • conciselyverbose@kbin.social
                  link
                  fedilink
                  arrow-up
                  3
                  ·
                  1 year ago

                  Exactly. It was plopping his dick on the table, then realizing “oh shit, no one actually is impressed by this”.

                  Insider trading would be more “I know we’re about to get sued for this egregious fuckup and have no defense, so I’m going to sell before the news leaks”. Strategy knowledge can be part of insider trading, but it would tend to be more buying shares because you have advanced knowledge that a highly lucrative contract has been signed before the announcement. It would be harder to have selling because of a strategy decision be insider trading unless you were opposed to it internally, because decisions you make are intended to make the shareholders (you) money.

        • Aqarius@lemmy.world
          link
          fedilink
          English
          arrow-up
          7
          ·
          1 year ago

          You know, that might just make it worse. As in, this wasn’t some 5d plot, he genuinely thought this would work.

        • JonEFive@midwest.social
          link
          fedilink
          English
          arrow-up
          8
          arrow-down
          3
          ·
          1 year ago

          Don’t you bring facts into this! We want to be outraged!

          Being serious though, they ought to be investigating whether there were any changes in those sale orders. If they’ve been the same and unchanged for the last two years or some long period of time, I don’t think there’s a case. But if they’re was an adjustment a month or two ago, that would be very problematic.

      • CookieOfFortune@lemmy.world
        link
        fedilink
        English
        arrow-up
        5
        arrow-down
        1
        ·
        1 year ago

        I think he might autosell his stock so that wouldn’t be insider trading, but since of the board members might.

    • AdmiralShat@programming.dev
      link
      fedilink
      English
      arrow-up
      13
      arrow-down
      2
      ·
      1 year ago

      This was a board decision, not the CEO as an individual.

      They are all equally resonate and if they fire him it’s to save face and kick him as a scape goat

      • Potatos_are_not_friends@lemmy.world
        link
        fedilink
        English
        arrow-up
        1
        arrow-down
        1
        ·
        1 year ago

        Going to need proof of that.

        In nearly every company, CEO makes the plan. Board wants a process and results. CEO is the one who spearheads it.

    • Ryantific_theory@lemmy.world
      link
      fedilink
      English
      arrow-up
      10
      ·
      1 year ago

      I think you mean a nice golden parachute to reward them for taking the heat, so they can swap in a new expensive face to implement slightly less unpopular fees.