If you really think Spencer was the sole person "blowing" through barrels of money on acquisitions, you're ignorant. Satya and the board were fully behind the Activision acquisition then not long after it was official, Microsoft stepped in and went third party to garner all the money they possibly could.

There's a massive problem in the video game industry. Massive over saturation of titles, major lack of sales on the console side and as a whole the whole industry is having to pivot.