Zynga CEO: We Got the Cash We Wanted
Mark Pincus, CEO of social media gaming company Zynga (NASDAQ:ZNGA), recently defended his company’s performance in an interview with the Wall Street Journal. Pincus told the Journal that despite the sustained stock price drop below its December IPO mark, he is still satisfied with the company’s performance. Zynga has produced such popular on-line gaming hits as Mafia Wars, Farmville, and Cityville.
“Our goals were we want to raise a billion dollars. Through going public, we wanted to add some more great long-term investors to the company. All of that was successful,” Pincus told the Journal regarding the stock price performance. The CEO also commented on speculation that the company chose the wrong time for its IPO by saying, “We were trying to go public at the right point in our company growth, and we thought that was the right point.”
Pincus also commented on current discussions within the Department of Justice which would legalize on-line gambling. He told the Journal, “We’re watching it with interest. Virtual reality is about the connection between the virtual and the real, and there’s just such a close and perfect connection between the virtual and the real when you’re gambling, because these chips have real world value.”