Zynga Gives Away Stock To Retain Employees
Posted on Friday, August 10 @ 16:12:31 Eastern by Nicholas Tan
According to a source on Bloomberg, Zynga has attempted to prevent an exodus of full-time employees by essentially giving away equity grants for the first time. This was done while the company reported a net loss of $22.8 million for its second quarter.
Since its initial public offering in December, Zynga's stock has dropped 71 percent and has dropped once more today, closing at $2.95.
This is just another blow in a long series of bad news for Zynga, which was hit with an insider trading lawsuit alleging that Zynga executives paid off underwriters, another lawsuit by EA claiming that Zynga's The Ville copied too much from the The Sims Social, and Zynga's COO John Schappert resigning just two days ago.
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