Zynga, whoops

#1 Edited by csl316 (7976 posts) -

Surprised I haven't seen this brought up here. Zynga, the Farmville/Mafia Wars place, is imploding. Their shares have taken a pounding, and now a bunch of executives look to be involved in insider trading (selling your stock based on knowing something non-public, before it loses its value. It's illegal!).

The Bomb crew brought up Facebook gaming's flaws before, and the company didn't seem airtight in the first place. That ridiculously expensive acquisition of the Draw Something guys had me scratching my head, for example. Then I saw Mark Pincus's mission statement in the wiki (an employee quoted this, take it as that): "I don't fucking want innovation...You're not smarter than your competitor. Just copy what they do and do it until you get their numbers." Made it a company that's easy to dislike, even when not being bombarded by requests on FB.

I ran across this Ben Kuchera article and I'm just curious: Did you see this coming?

#2 Posted by Turambar (6640 posts) -

Is that actually his mission statement or did someone decide to troll that page on the wiki.

#3 Edited by csl316 (7976 posts) -

@Turambar: An employee quoted him back in 2010. Not his official mission statement by any means, but if it's true you can at least tell where his head's at.

#4 Edited by Ben_H (3294 posts) -

I wasn't even remotely surprised when I read about the insider trading thing. Everything Zynga does is shady as hell. As you said, they talk about how they rip off others in hopes of making money. They also run IPs into the ground. If they can't make more money copying something, they buy out the competition.

#5 Posted by MariachiMacabre (7039 posts) -

From what I've heard about how horribly they treat their developers, maybe this is for the best. If Zynga dies, some of those developers may not be shackled and treated like garbage.

#6 Posted by joshthebear (2700 posts) -

We can only hope so. Zynga is the biggest pile of shit and we're better off without it.

#7 Posted by OllyOxenFree (4970 posts) -

Burn, baby, burn.

#8 Posted by Maginnovision (483 posts) -

Zynga dies, then facebook can die and things can return to normal.

#9 Posted by Strife777 (1490 posts) -

Good riddance really. Some people might lose jobs, but hey, the good side is they can only find better.

#10 Posted by ThunderSlash (1511 posts) -
The only logical conclusion to this.
#11 Posted by dudeglove (7684 posts) -

@Maginnovision said:

Zynga dies, then facebook can die and things can return to normal.

Oh god I want the days of flashing rotating .gifs on geocities back again.

#12 Posted by scarace360 (4828 posts) -

@dudeglove said:

@Maginnovision said:

Zynga dies, then facebook can die and things can return to normal.

Oh god I want the days of flashing rotating .gifs on geocities back again.

HELL YA YOU DO!

#13 Posted by Brodehouse (9519 posts) -

You guys realize that something will replace it and we'll think it's worse than Zynga, right? Someone will make a ton of money selling games that you don't give a shit about. And that will make you angry.

#14 Posted by onarum (1990 posts) -
@Maginnovision said:

Zynga dies, then facebook can die and things can return to normal.

Amen to that.
Online
#15 Posted by TheDudeOfGaming (6078 posts) -

Sucks when people loose their jobs but, fuck Zynga. I wanna watch that company squeal as it lives out its last miserable days.

#16 Posted by CptBedlam (4449 posts) -

And facebook is losing investor trust as well. Seems like the bubble is finally about to burst.

#17 Posted by csl316 (7976 posts) -

@ThunderSlash said:

The only logical conclusion to this.

Inevitable.

#18 Posted by Dixego (379 posts) -

Oh shit.

#19 Posted by mosespippy (3981 posts) -

@csl316: Zynga isn't imploding. They still have a billion dollars in the bank. They just didn't make as much profit as they were expecting. And the insider trading "news" is blown out of proportion in headlines. The stock was sold 3 months ago, which is well before the earnings for this quarter were calculated, which is what caused the price drop to begin with.

#20 Posted by csl316 (7976 posts) -
@mosespippyg Maybe, but cashing out all at once (despite not being each individual's full share) has still warranted an investigation.
#21 Posted by Flacracker (1574 posts) -

Why is inside trading illegal? If you are running a company and you know shit is about to go bad why cant you sell you stock? Is it because it fucks the people over that buy it? Well... I guess that is pretty bad.

#22 Posted by Dagbiker (6939 posts) -

@Flacracker said:

Why is inside trading illegal? If you are running a company and you know shit is about to go bad why cant you sell you stock? Is it because it fucks the people over that buy it? Well... I guess that is pretty bad.

That is pretty much exactly the reason.

#23 Posted by mosespippy (3981 posts) -

@Flacracker said:

Why is inside trading illegal? If you are running a company and you know shit is about to go bad why cant you sell you stock? Is it because it fucks the people over that buy it? Well... I guess that is pretty bad.

I wish I still had my banking class notes so I could look up the economic theory behind it but I recycled all my university notes last month. If I remember correctly the issue is information asymmetry and the related problems from it.

#24 Edited by MB (11891 posts) -

I don't blame @csl316 said:

Then I saw Mark Pincus's mission statement in the wiki. "I don't fucking want innovation...You're not smarter than your competitor. Just copy what they do and do it until you get their numbers."

It's a brilliant business strategy, really. Take a product that is known to be successful, change it slightly, and profit. I don't blame Zynga, I blame the people that buy their games...which is a lot of people.

Sadly, playing to the lowest common denominator has a much higher chance of success than creating a new and innovative product does.

Moderator
#25 Posted by TaliciaDragonsong (8698 posts) -

Been expecting this ever since the company got known, these guys are in it for the easy money, nothing less.

#26 Posted by csl316 (7976 posts) -

@MB said:

I don't blame @csl316 said:

Then I saw Mark Pincus's mission statement in the wiki. "I don't fucking want innovation...You're not smarter than your competitor. Just copy what they do and do it until you get their numbers."

It's a brilliant business strategy, really. Take a product that is known to be successful, change it slightly, and profit. I don't blame Zynga, I blame the people that buy their games...which is a lot of people.

Sadly, playing to the lowest common denominator has a much higher chance of success than creating a new and innovative product does.

True, repackaging something established and making it feel new is a proven way to make some cash. And Pincus's background doesn't really make him seem like a passionate gamer so who can blame him?

And the lowest common denominator thing can really be said for any industry. It's why Grown Ups was Adam Sandler's highest performing movie ever, or why Justin Bieber exists. But whatever, as long as games for me are being made I can deal with this.

Oh, and thanks for the forum move.

#27 Posted by jakob187 (21640 posts) -

People can talk shit all they want about Zynga, but I'll say this much: without them, I wouldn't have SimCity Social thanks to EA trying to get into the social gaming space...

...and I fucking love SimCity Social.

LOVE it.

But Zynga is a flaming pile of turd.

#28 Posted by Napalm (9020 posts) -

@jakob187 said:

[...] ...and I fucking love SimCity Social.

Why? How is different than the other Facebook click-fests?

As for the OP, that quote makes it real hard to like Pincus. I'll say that much.

#29 Posted by Ramone (2954 posts) -

@csl316 said:

@ThunderSlash said:

The only logical conclusion to this.

Inevitable.

Clearly Dietrich is the only one to blame for all of this.

#30 Posted by Lunar_Aura (2779 posts) -

I put a cool benjamin on Zynga back when it was $6 and I'm mot fussed if that crappy company crashes

#31 Posted by DoctorWelch (2774 posts) -

Everyone knew this was going to happen eventually, it's obvious even they knew. I'm pretty sure there wasn't anything illegal going on there, they just knew it may be a good idea to get some money out of this thing before it goes too far south. Apparently this all happened after everyone knew they were going downhill, so I'm pretty sure those guys aren't going to go to jail or anything, but no one really knows as of yet.

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