Sections

Zynga stock plummet prompts NASDAQ short sale ban

Wednesday, 13th June 2012 03:09 GMT By Brenna Hillier

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.

Latest

6 Comments

  1. FeaturePreacher

    I’m so loving this!! Let’s hope it gets much, much worse.

    #1 3 years ago
  2. Ireland Michael

    @1 Because people losing their jobs, stability and welfare is awesome, right?

    Some of you people have some pretty warped perceptions.

    #2 3 years ago
  3. Fragpuss

    presumably zynga are in trouble because they turned their games from timefiller games into microtransaction addictions that also meant people no longer spent just 5 mins here and there playing mafia wars, treasure isle, farmville etc, but instead were chained to the games for hours for fear they might miss their crops ripen, or a time sensitive mission for their mafia or something like that, link all that with cross game branding and people started turning away in droves, sending zynga down the toilet

    #3 3 years ago
  4. FeaturePreacher

    @2 Because people claiming b.s. such as social games are going to take over can finally see some of the cold, hard truth.

    #4 3 years ago
  5. back_up

    PC gamers fav developers zynga

    #5 3 years ago
  6. TheBlackHole

    I love how gamers hype things up until they become dominant, and then they promptly switch tact and ruthlessly cut them down.

    Petty.

    #6 3 years ago

Comments are now closed on this article.