Unity’s CEO Sold its company share

• John Riccitiello, made a significant move last week by selling 2,000 shares.
• Unity announced a new fee called the Unity Runtime Fee.
• Unity’s stock price dropped from $39 to $36, a nearly 10% decrease.

Unity’s CEO, John Riccitiello, made a significant move last week by selling 2,000 shares of the company. While such actions aren’t uncommon, this decision coincided with a controversial change in Unity’s developer charging system, which has upset many developers and impacted the company’s stock prices.

On September 12, Unity announced a new fee called the Unity Runtime Fee, which would require developers using its engine to pay for every installation of their game. This fee would affect developers with revenues exceeding $200,000 over the past year and more than 200,000 game installations. Notably, Unity is used in popular games like Pokemon GO, Return of the Obra Dinn, and Genshin Impact, making this decision highly unpopular. Developers are concerned about their lack of control over these fees and Unity’s lack of transparency regarding how these numbers are calculated.

Following this unpopular announcement, the investment media outlet Guru Focus revealed that John Riccitiello sold 2,000 shares of Unity’s stock on September 6. Shortly after this week’s announcement, Unity’s stock price dropped from $39 to $36, a nearly 10% decrease. However, it’s important to note that, according to Guru Focus, this is part of a larger trend. Riccitiello had already sold 50,610 shares in 2023 without making any purchases, so there’s no direct connection between his recent stock sale and the announcement. Additionally, other members of Unity, like the company’s president of growth, Tomer Bar-Zeev, and board director Shlomo Dovrat, have also been selling shares.

The backlash against the controversial decision has not only affected Unity’s stock prices but also prompted developers behind the popular game “Cult of the Lamb” to threaten its deletion by January 1, 2024, the date when Unity’s proposed changes would take effect, as a form of protest.

Overall, 2023 has been a challenging year for Unity, marked by significant layoffs, with over 600 employees let go, and plans to reduce the number of offices from 58 to 30. Unity’s next steps regarding these unpopular pricing changes and their impact on the company’s profitability remain uncertain.

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