Facebook’s anemic IPO takes heavy toll on Zynga
Shares of the social media site’s close ally Zynga briefly hit an all time low Friday and closed down precipitously. Editor at large Chris Morris looks at why investors fled – and what might lie ahead.
Through sheer force of will, Facebook managed to avoid closing at below its IPO price during its first day of trading on Wall Street. Unfortunately, that didn’t help its allies.
Zynga saw its stock lose roughly 14 percent of its value Friday – after briefly dropping to an all time low. Shares of the company closed at $7.12 following what can only be called an insane day of trading.