Zynga's shares are now trading under $8.80, which means CEO Mark Pincus' share of the company is now worth less than $1 billion.
Pincus owns around 111 million shares of the company. When it went public, Pincus' share was worth $1.06 billion. It's now worth $979 million.
The next largest investor is Bing Gordon, who along with Kleiner Perkins Caufield & Byers owns 65 million shares.
Mark Pincus, the founder of Zynga, is stepping back from the once-hot social gaming company as its new leader seeks a turnaround.Zynga said that Mr. Pincus decided to give up all operational responsibilities at the company, though he will remain its chairman and largest shareholder. Nearly a year ago, Mr.
Newly minted billionaire Nicholas Woodman has generously shared GoPro's success with his whole family. With GoPro's big IPO on Thursday, they all became millionaires. Although he worked hard for his success, it's not a rags-to-riches story. He grew up in Silicon Valley and his father was an investment banker who invested and helped him raise funds for GoPro along the way.
In the past few days, shares of security company FireEye have gone absolutely bonkers, turning the company's founder into an instant billionaire. FireEye hit a high of $96 at the close of market Wednesday, though they are dropping today, down to about $92 at the time of publication. Shares were up incredible 377% over its IPO price of $20 from just six months ago, in September.
Facebook is now 10 years old. Facebook's stock hit a new high today of $61 per share. At $61 a share, Facebook is worth $150 billion. Facebook has likely reached the $150 billion mark faster than any company in history. (A couple of companies may have done this in the dotcom boom, but they weren't worth that much for long).
Arista Networks, a company in the networking industry that just filed paperwork for an IPO , is worth watching. Arista was founded in 2005 and has been gaining momentum since 2008, when it lured away one of Cisco's top engineers, Jayshree Ullal, to be its CEO. Prior to Arista, Ullal ran Cisco's bread-and-butter routing, switching business, leading it to $10 billion in annual revenue.
Bill Gates has been the richest man in the world for 15 out of the last 20 years. Even though he's given an astounding $38 billion to his charitable foundation , he keeps getting richer every year. As of March 2014, Gates is worth $76 billion, according to Forbes' annual list of billionaires. That's $9 billion more than a year ago and $4 billion more than six months ago.
Enterprise startup Zendesk is moving full-speed ahead toward its IPO, even though investors have cooled towards cloud companies in recent weeks. Zendesk has not set a date for its first day of trading on the public markets, but it just priced its shares, according to documents filed with the SEC . It plans to sell over 11 million shares at $8 to $10 a share.
Enterprise cloud storage company Box has filed the paperwork for its long-expected IPO, and the big surprise is how much of the company the co-founders have already sold off. For instance, co-founder and CEO, Aaron Levie, a rising star in Silicon Valley, only owns about 4% of the company, with 3,764,285 shares.
Words With Friends game maker Zynga announced that it is acquiring U.K.-based gaming company NaturalMotion for $527 million in cash and equity. The company also announced that it would be laying off about 15% of its workforce — that comes out to roughly 314 employees.
David DeWalt, told Business Insider that this was like an IPO for ."Today was a proud moment for Kevin Mandia. It was a chance for our Mandiant asset to go IPO," DeWalt said.DeWalt also shared a fun fact about FireEye and Mandiant: both companies were founded on the same day in 2004.
Paired with the news of a big half-billion-dollar acquisition , Zynga is also laying off about 15 percent of its workforce, or about 314 employees. This is part of a cost-reduction plan that is supposed to generate $33 million to $35 million in savings this year, excluding a $15 million to $17 million restructuring charge.
Zynga has long been famous (or infamous?) for its data-driven approach to game design. The company never focused on building strong character IP, or intellectual property, in favor of releasing games that had been thoroughly funnel-tested. But now that founding CEO Mark Pincus has stepped aside and let Xbox executive Don Mattrick take the reins, perhaps the company is going in a totally new direction.
Zynga broke a lot of hearts when it announced it would be shutting down YoVille , a virtual world online game that’s been running since 2008. The game’s players have been building their simulated communities for many years now, but they only have until March to say goodbye. Unless, that is, YoVille’s original creator and his new game studio have their way.
In a rather ironic turn of events, game maker Zynga acquired gaming company NaturalMotion for a whooping amount of $527 million. And then on the same day, it also let go 314 employees, around 15 percent of its entire roster.
IPO activity on Wall Street is heating back up. This week saw King — the maker of the addictive game Candy Crush — go public, only to see its stock tank three straight days in a row. Also this week we got the S-1 filing from Box, which makes a cloud-based file system, and though the company is a phenomenon, it's bleeding an unholy amount of cash . Still! The IPO window is open.
The recent big tech IPOs of companies likeFacebook,TwitterandTeslacould all be dwarfed soon by a company with roots far outside Silicon Valley. Chinese e-commerce giant Alibaba Group justfiled documentsfor its own offering (choosing to trade its stock in the US over Hong Kong) and while its value has not been determined, it could result in the biggest IPO ever when it's all said and done.
It was once a rare practice, but employees are now finding more ways to unload vested shares in their startups along the way. While employers have typically tried to control these sales, a new marketplace called Equidate is opening up that will let employees sell equity with or without the startup’s consent (although Equidate would prefer to collaborate with employers).