From the billionaire to the life of Zynga's former CEO

Beijing time, July 2, the Forbes magazine website published in Monday A commentary by Leine Mark, the Mark Ping of Zynga's founder and CEO, to record the entire process of becoming a former Zynga CEO from a billionaire.

The following is an overview of the article:

December 16, 2011, Zynga CEO Mark Ping Cass, surrounded by his wife, investors and employees, rang the Nasdaq opening bell at its corporate headquarters in San Francisco. Thunderous applause erupted on the spot, welcoming Zynga as a member of a listed company.

Back then, he used his pet dog to name the company he founded, hoping it would have a better future. Taking advantage of the growing interest in social gaming as a capital, Zynga has become the biggest IPO deal for US internet companies since Google's 2004 IPO. Pincus, an entrepreneur in Silicon Valley with a good pulse, has spent years in the industry with celebrities such as Facebook founder and CEO Mark Zuckerberg and Zuckerberg, founder of the professional social networking site, Hoffman (Reid Hoffman), He also finally has his own listed company.

In less than two years, however, his company in Ping An has suffered a major upheaval.

local time in Monday, Zynga announced its founder, Pincus, to abandon the post of CEO. This has also temporarily ended the bad situation that the company has been listing for 18 months. In the past 1.5 hours, layoffs, legal wrangling and plunging stock prices are lingering clouds over Zynga. Zynga also announced that Tang Matrick, who has run the Microsoft gaming business, will take over Pincus as CEO next week.

Pincus in a statement detailing the reasons for his resignation. "I've been saying to investors and the board that if I can find someone who can be a better CEO, I will do everything I can to get him to join," Pincus said. "It is reported that 47-year-old Ping Golf will remain the company's chief product officer and chairman."

For the case of Ping-Cass, the Monday decision temporarily announced the end of the turbulent period. During this time, the personal wealth of ping ' an has shrunk sharply as the company's share price has fallen. In 2011, Ping An was a member of the world's billionaire club, whose personal wealth was valued at $2 billion trillion in private markets. Even after the company went public, the fortune of flat golf was close to $1 billion trillion.

As the company's share price rose in the spring of 2012, and reached its all-time high of 14.69 dollars on March 2, 2012, the personal wealth of Cass increased a lot. Subsequently, the Cass sold 16.5 million shares, accounting for 16% of its holdings. The move sparked a double dip in the company's share price and public confidence, and brought legal battles against Zynga for insider trading.

Zynga's share price never rebounded. With Facebook's mediocre listing, Zynga's share price slipped further. Zynga's shares closed at 3.07 dollars in Monday. 25% of its issue price. A little over 18 months, Zynga's market capitalisation has evaporated 6 billion of billions of dollars, and even golf, the biggest individual shareholder, has been hit hard. By the end of Monday, according to Forbes, the price of flat golf was $780 million trillion.

"Zynga's performance is largely attributable to Mr. Pincus," said Van Baker, analyst at Gartner, a market-research agency. ”

Some, however, have said that it is no good to say that he has decided to give up CEO positions. The company's complex situation will not be enlightened by his exit, as flat golf still holds more than 20 million shares of C-class stocks. The proportion of the voting power of C-class stock and ordinary stock is 70:1. Pincus still controls 61% of the company's voting power, and he is still the absolute dictator of Zynga, who can be dictatorial.

The Monday statement said that he would remain as chief product officer and chairman of the company. Some question whether he will stay in the company for a long time. Analysts Baker believes that the flat Cass has a personal complex, but does not rule out Zynga needs to leave the public with a symbolic image, to maintain a certain continuity.

In the statement, he said he was excited about the incoming Matt Terry, saying the latter would inspire enthusiasm for work.

Pincus also said: "Under the leadership of Mattrick, the Xbox has become the world's largest video game network, its installation base has increased from 10 million to nearly 80 million, so that the business achieved from serious losses to substantial profits from the big turn. ”

For Mattrick's ability, the market seems to have expressed the same opinion. After announcing the appointment of Mattrick as CEO, the company's share price rose more than 10% per cent after trading, which in a flash added 25 million dollars to the company's former CEO.