Zynga has reacted angrily to claims the company has been taking back pre-IPO shares issued to employees, with CEO Mark Pincus writing to staff to dismiss what he believes are baseless claims.
As alleged by the Wall Street Journal, it had been suggested Zynga gave employees the option to either relinquish their shares or face the sack.
However, Pincus criticised the report, describing Zynga as a "meritocracy" built to operate in an "ethical and fair way."
WSJ innuendo
"The Wall Street Journal posted a story last night which paints our meritocracy in a false and skewed light," Pincus stated in his note.
"The story is based on hearsay and innuendo which is disappointing but is to be expected as we move towards becoming a public company.
"We have nothing to hide in our past and present policies and I am proud of the ethical and fair way that we've built this company. As many of you have heard me say - we're building a house that we want to live in."
Zy way or the highway
Fortune, which published the Zynga CEO's letter, argues that, despite the hype, an attempt to renegotiate stock options with staff is not uncommon, comparing it to cutting a shoddy employee's pay.
For Zynga's part, however, Pincus doesn't clarify whether a move in any form has been made to recapture shares from employees in the first place. Instead, he sets about restoring the firm's reputation.
"Being a meritocracy is one of our core values and it's on our walls," he added.
"We believe that every employee deserves the same opportunity to lead. Its not about where or when you enter Zynga its how far you can grow. This is what our culture of levelling up is all about and its one of our coolest features."
Unnamed sources at Reuters claimed that we could expect Zynga's IPO to be filed before November 24.
[source: Fortune]
News
When Matt was 7 years old he didn't write to Santa like the other little boys and girls. He wrote to Mario. When the rotund plumber replied, Matt's dedication to a life of gaming was established. Like an otaku David Carradine, he wandered the planet until becoming a writer at Pocket Gamer.
Related Articles
News
Feb 13th, 2024
Mobile revenue exceeds Take-Two’s expectations, making over $2 billion in nine months
Top Stories
Feature
Mar 25th, 2024
5 takeaways from GDC 2024: The games industry reckons with key challenges, Godot competes with Unity, and AI was the big trend without the big announcements
Feature
Mar 25th, 2024
Hot Five: Epic’s app store plans, Turkey’s tax exemptions, and Call of Duty Warzone: Mobile finally releases globally
Events
Mobidictum Network Lisbon April 2024 | Europe | Apr 16th |
HIT Games Conference Istanbul 2024 | Apr 18th | |
App Promotion Summit London | Europe | Apr 25th |
Dubai GameExpo Summit 2024 | Middle East | May 1st |
Mobidictum Meetup Berlin May 2024 | Europe | May 7th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Israel Mobile Summit 2024 | Middle East | Jun 6th |
Mobidictum Meetup Barcelona September 2024 | Europe | Sep 1st |
Popular Stories
Feature
Mar 25th, 2024
5 takeaways from GDC 2024: The games industry reckons with key challenges, Godot competes with Unity, and AI was the big trend without the big announcements
Interview
Mar 22nd, 2024