> SAN FRANCISCO (MarketWatch) — The insiders at social game company Zynga Inc. appear to be cashing in on the current momentum of the company’s stock.
With Zynga’s shares up 40% this year, founder and chief executive Mark Pincus plans to unload 16.5 million shares, for a take estimated at about $204 million based on Friday’s stock price, and of course before taxes http://nyxonline.com/a-occupational-safety-degree.html. That is in addition to the $109.5 million worth of shares that the company bought back from Pincus last March, ahead of the IPO. Pincus still maintains his tight grip over Zynga ZNGA, with his voting control slightly reduced to about 36% of the company’s total shares outstanding, according to the filing. Read more about Zynga's secondary offering. Investors were clearly unsettled by the news. Zynga’s shares fell about 4% Friday, as they wondered if the insiders were taking money off the table at a high point in the stock. This is, after all, the company that got its start making a poker game, Texas HoldEm, which is still popular on Facebook. The popularity of its game FarmVille, has waned and been displaced by “CityVille” — which is currently the highest ranking game on Facebook, according to Appdata. Zynga hit as insiders plan sales
Shares of Zynga Inc. fell on Friday following a regulatory filing showing that insiders at the social-game maker plan to sell more than $558 million worth of stock as part of a secondary offering, Dan Gallagher reports on digits.
But much of the current run up on the shares has been the result of two things: one, a read-through from Facebook’s IPO filing on Feb. 1, which spelled out that Zynga is an important revenue
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