Robbie Bach is rumoured to have sold off $6.2 million of Xbox shares based on insider information, allegedly.
It may have everything to do with last week's announcement
, or it may be completely innocent, but Robbie Bach, President of Microsoft's Entertainment Division, recently sold off a sizeable chunk of Xbox shares.
Originally reported by Gamesindustry.biz
Robbie Bach sold shares to the value of a massive $6.2 million in the Xbox 360 line between May 2nd and the 6th of July
Now, there's nothing immediately suspect about this - Robbie is allowed to sell his shares whenever he wants - but they usually make sure they schedule
such sales just so that everyone knows they aren't trading based on some insider information.
Unfortunately, Robbie didn't schedule his sales, which is what has made everyone so curious as to why he sold off these shares right before Peter Moore pledged $1 billion in order to fix the undeniably broken Xbox 360 design. Now, sure, maybe Robbie just forgot to schedule it all, but it's still eyebrow-raising because he's not sold a single stock in the eight months prior to this.
Microsoft has been quick to respond to curious journalists, issuing the following response:
"Robbie Bach's past trading is completely unrelated to last week's announcement. ... [He] continues to hold a significant stake in Microsoft and remains confident in the long-term success of the company."
Hmm. Maybe Microsoft's representatives are right. Then again, the company did respond awfully
Speculation and baseless rumours continue in the meantime, but we'll be sure to keep you updated if any new information is revealed because, lets face it, everybody loves to hate a winner like Microsoft.
Got a tip for us, or maybe you bought up some of those shares? Either way, we want to know what you think in the bit-tech community