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by skip 07/27/2012, 12:56pm PDT |
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It's been all over the news, but Zynga's shares are now hitting new lows.
WSJ wrote:
The weak results immediately sent the company's shares into free fall.In after-hours trading, Zynga's stock fell to $3.05, down nearly 70%, from the $10 at which the company went public late last year. Its market capitalization shrank to under $4 billion, farbelow the $10 billion valuation it commanded last year when private investors were fighting to invest in the company.
They're blaming changes Facebook made in their game finding algorithm. How much longer before the end up like Digg, another social media giant that went from 160 million valuation 3 years ago to selling for half a million now But don't worry about the people who own Zynga. They coincidentally cashed out the same quarter the stock crashed.
Marc Pincus, Zynga's CEO, sold 16.5 million shares for $200 million
Institutional Venture Partners, a Zynga investor, sold 5.8 million shares for $70 million
Union Square Ventures, a Zynga investor, sold 5.2 million shares for $62 million
Google, a Zynga investor, sold 4 million shares for $48 million
Silver Lake Partners, a Zynga investor, sold 4 million shares for $48 million
Reid Hoffman, a Zynga investor, sold 688,000 shares for $8.2 million
David Wehner, Zynga's CFO, sold 386,000 shares for $4.6 million
John Schappert, Zynga's COO, sold 322,000 shares for $3.9 million
Reginald Davis, Zynga's general counsel, sold 315,000 shares for $3.8 million
And so on ...
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