Zynga 'Worthless': FarmVille Maker's Market Cap Falls Below Value Of Cash And Real Estate

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The social game giant Zynga, famous for its Farmville and Draw Something titles, is worth "nothing" according to one analysis of its share price.

Zynga has faced a difficult year after it went public at the end of 2011.

At its IPO in December 2011 the company's stock stood at $10.

As of Tuesday it was down to $2.43 per share, giving it a market cap of $1.84bn.

Not great, but not awful, you might think - except that, as the LA Times notes, its assets including real estate, cash and securities are worth about $2.46 per share.

Which means Zynga is currently worth less than itself.

The latest drops in its share price come almost a week after the company warned its 2012 performance would be below expectations.

It added that it would have to write down about $90m its purchase of Draw Something-makers OMGPOP, which it bought for $180m in March.

The company has also lost a number of key executives, including Paul and David Bettner, who created Words With Friends.

The company maintains that many of its games remain popular, and that its new CityVille 2 and FarmVille titles are coming soon.

But with just a handful of its titles in the top 100 highest-grossing apps on the iOS Store, it will have to find a new burst of success to recapture its former glory.

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