Barely three months after the companyās initial public offering are several Zynga insiders looking to get rich by selling off a hunk of their stock. That includes founder Mark Pincus, who will offer a wad of shares valued at more than $200 million.
Zynga reported the intentions in a regulatory filing on Friday. Following the news, Zyngaās stock dropped 2.6 percent to $13.40. āIt is never a positive to see a founder sell off shares,ā Sterne Agee analyst Arvind Bhatia told Reuters. Another analyst said that despite the size of Pincusā saleā43 million sharesāhis remaining stake is so large it wonāt diminish his control of the company.
In another filing, the company revealed it paid $180 million for OMGPOP, the developer of Draw Something. The purchase was originally believed to be around $200 million.
Zynga founder and CEO Mark Pincus to sell 16.5 million shares in secondary offering [Reuters/San Jose Mercury News]
