Wed, Jun 13, 2012 | 03:09 BST
Zynga stock plummet prompts NASDAQ short sale ban
Stock in social gaming giant Zynga crashed yesterday, dropping 10% to close below $5.
For those not au fait with markets, that’s a significant dip indeed – so significant that NASDAQ applied a 24 hour ban on short sales of the company’s shares.
The sudden crash seems to be related to a Cowen & Co which described social gaming as being in a “tailspin” in conjunction with the extension of Draw Something to 12 new languages.
Zynga went public in December 2011 for $1 billion, the largest tech IPO since Google’s 2004 debut, but has noted generally downward market fluctuations in the interim.