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this post was submitted on 23 Sep 2023
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If he didn't think the announcement would improve the value of the company, why did they do it?
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.
So he would get a huge bonus from the short term gains, and then dip before the company suffered the long term damages.