360° Coverage Zynga Wants some Employees to Give Up Pre-IPO Stock
Zynga Wants some Employees to Give Up Pre-IPO Stock
Give that stock back or get fired
Nov 10 2011, 1:21pm CST | by Shane McGlaun
It's not uncommon at all for workers at tech startups to get shares of stock in the company that later turn out to be worth millions. According to some sources, Zynga is one of the firms that doled out pre-IPO stock grants to some workers rather than paying big salaries. There is nothing wrong with that, but now that Zynga is a huge force in social gaming with things like Farmville and Mafia Wars and is getting ready to make its IPO things are going sour.
According to sources Zynga CEO Mark Pincus has been trying to get stock back that was given to some workers. According to these sources, Pincus is allegedly threatening to fire the workers if they don't return some of the stock given out. Zynga is expected to get a valuation as high as $20 billion when it goes public.
Zynga has said in the past that it doesn't want a Google chef windfall situation. They are talking about an early hired chef at Google that had stock worth $20 million when Google made its IPO. A list was reportedly made by Zynga execs of workers whose contributions didn’t justify their stock holdings and asked for the stock back. Some workers apparently have stock worth tens of millions.
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