They are accused of using insider information on the CEO to increase their profits on the stock market.
Since we learned about the purchase of Activision Blizzard by Microsoft, a good part of the eyes are on the future of Bobby Kotick. As far as we know, the CEO will continue to perform his functions in the company until the transaction between the two companies is completed, which will be followed by his final departure. However, it appears that all of this information was well known to 3 Businessmen related to Kotickwho have not missed the opportunity to invest in conglomerate of video games before announcing the famous acquisition.
Entrepreneurs invested $108 million in Activision Blizzard stockAs anticipated The Wall Street Journal (via gamesindustry), businessmen Barry Diller, David Geffen and Alexander von Furstenberg are being investigated by use privileged information to make a profit on the stock market, something that is seen as a criminal act in the sector. After all, the three invested $108 million in Activision Blizzard stock four days before to announce the purchase of Microsoft.
Barry Diller defends himself against such accusations alleging that said movement is “simply a lucky bet” and that the entrepreneurs “acted without information of any kind from anyone.” In addition, he points out that Von Furstenberg had already bought Activision Blizzard shares in the past, so everyone thought that the company “would go private or would be purchased at some point“.
Bobby Kotick recently announced his departure from the Coca-Cola board, a position he shared with the aforementioned Barry Diller. And it is that, according to the CEO of Activision Blizzard, he intends to focus on conglomerate and in the agreement reached with Microsoft, although some conditions have already been advanced that must be fulfilled in your company if you want recover your millionaires bonus.
More about: Bobby Kotick, Activision Blizzard and Microsoft.
