Report: Zynga CEO wants workers to give back stock

[Kadie]

Report: Zynga CEO wants workers to give back stock
Thursday, November 10, 2011

(11-10) 08:37 PST NEW YORK, (AP) --

Zynga CEO Mark Pincus wants some of the online game company's early employees to give back stock they own ahead of the company's initial public offering of stock, according to a published report Thursday.

The Wall Street Journal said that Pincus, who gave out stock freely to keep top talent early on, developed "giver's remorse."

That's because some of the early employees didn't contribute as much to the company as those hired later. But because they got in early, they got more shares.

Zynga's games include "FarmVille,""Zynga Poker" and "CityVille" and are mostly played on Facebook. The company has filed for an IPO but has not yet said how much it plans to raise. Zynga is among several technology companies that either had IPOs recently or are planning to soon. Groupon Inc. had its IPO last week, and Facebook is likely to have one next year.

Getting into a hot startup early on and reaping the rewards after a sale or IPO is a big part of Silicon Valley culture. The promise of a big payout is what gets a lot of people working long hours with little compensation early in a startup's life.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/11/10/financial/f074957S88.DTL#ixzz1dKUsEUuT


:wtf:

[Lint Head]

1. As they say in finance Pincus, "Them's the breaks!".

Farmville is an irritent.

[TheWraith]

2. Zynga are greedy bastards. One reason I've stopped playing their games. nt

[Odin2005]

3. Thank god I've kicked the FarmVille habit.

[abelenkpe]

4. Oooo

Know several friends who left good paying jobs for Zynga. :(

[Lance_Boyle]

5. Stock buybacks are not at all unusual. Stock givebacks?

Never heard of that. Good luck with that CEO gig, dude. You seem to have already failed at it.

[Angry Dragon]

6. Read where the people were told to give back stock or be fired

he sounds like a very nice man
worth $2 billion