This comes on the same day Facebook’s highly anticipated stock debuted (NASDAQ: ZNGA), and has fluctuated throughout the day.
This is a developing story, and we will update as more information is available.
UPDATE: Trading has resumed, and after crashing to $7.17 at closure, ZNGA has recovered to $7.80. ZNGA was at $8.51 when trading started.
Analysis: I’m honestly unsure at this point if this is speculation or an actual drop at work, but after looking at the price’s rebound, it looks to be the former. One way of thinking is that there’s no point in owning Zynga now that Facebook is private – why buy a steak when you can own the cow? – but I think the actual performance of this stock indicates that this is just a few speculators who got itchy trigger fingers. Therefore, there’s literally nothing Zynga could have done about this. Such is the trial of public ownership, of course.
If more information comes out that changes my outlook, I will update.