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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.

And as Techcrunch noted recently, while Zynga is responsible for a sizeable chunk of Facebook's current revenue, Mark Zuckerberg himself might be behind their decline.

"A lot of users like playing games, but a lot of users just hate games," he said in 2010. "And that made it a big challenge, because people who like playing games wanted to post updates about their farm or frontier or whatever to their stream. But people who don’t care about games want no updates. So we did some rebalancing so that if you aren’t a game player you’re getting less updates."

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