Zynga tanks
Zynga tanks:
Zynga CEO Mark "just copy what they do" Pincus dumped $200m worth of shares recently, safely in time for the company's stock to tank. Yahoo:
Though its treadmill-like browser games are crummy enough, I always thought our collective hatred for Zynga sprang from a misunderstanding of the company's business. In short, many gamers saw its "success" as competition for more traditional, high-quality gaming products, and worry at what it suggests about the future of the industry.
But Zynga isn't the new Civilization, even if Brian Reynolds was mad enough to take a job there. Zynga is the new Video Poker--also technically a computer game, but so completely alien in marketing and demographic terms that no-one who plays games would ever notice that there was a billion dollar market out there for that sort of thing.
So, gamers, feel free to stop worrying about Zynga! Unless you invested in it, in which case you now have my permission to die.
Zynga CEO Mark "just copy what they do" Pincus dumped $200m worth of shares recently, safely in time for the company's stock to tank. Yahoo:
In April, Zynga conducted a "secondary stock offering" in which insiders dumped 43 million shares of stock at $12 a share, raking in about $516 million. Yesterday, four months later, Zynga reported a horrible quarter, and the stock plunged to $3. In other words, Zynga insiders cashed out at exactly the right time.
Though its treadmill-like browser games are crummy enough, I always thought our collective hatred for Zynga sprang from a misunderstanding of the company's business. In short, many gamers saw its "success" as competition for more traditional, high-quality gaming products, and worry at what it suggests about the future of the industry.
But Zynga isn't the new Civilization, even if Brian Reynolds was mad enough to take a job there. Zynga is the new Video Poker--also technically a computer game, but so completely alien in marketing and demographic terms that no-one who plays games would ever notice that there was a billion dollar market out there for that sort of thing.
So, gamers, feel free to stop worrying about Zynga! Unless you invested in it, in which case you now have my permission to die.
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