Zynga's business valued at 'nothing'; CityVille 2 'coming soon'
With the walls closing in, Zynga announced CityVille 2 is in closed beta. The company couldn't share any info but to say it "delivers a truly social and visually rich city building experience." It will launch soon. Not that investors seem to currently care.
As the LA Times notes, Zynga's combined cash, securities and real estate assets are currently worth about $2.46 a share, according to analysts. But, its stock is currently trading below that price (as of this writing: $2.43), which means the company's games business is essentially worth "nothing."
These dark tidings come as brothers Paul and David Bettner, known for Words with Friends, leave Zynga. This is on top of so many high-profile departures we'd be bombarding you every other day with a post, but let's just close this off by saying some milestone moments were the departures of chief creative officer Mike Verdu, chief operating officer John Schappert and Draw Something studio OMGPOP's Wilson Kriegel.
Forbes points out Zynga's stock is down 74 percent this year, making it one of the worst-performing stocks among U.S. companies with market caps over a billion dollars. And, to think, when Zynga went public last December everything looked like it was going to be sunshine and lollipops... oh, wait, no it didn't.
