Mark Pincus Sells Millions of Shares to Zynga

San Francisco-based startup largely expected to be the next major company to go public.

By Sajid Farooq
|  Monday, Dec 5, 2011  |  Updated 10:30 AM PDT
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Mark Pincus Sells Millions of Shares to Zynga

Joi Ito

Zynga CEO Mark Pincus sold $109 million worth of Zynga shares back to his company earlier this year.

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Zynga is largely expected to be the next startup to go public but before that can happen Mark Pincus is dealing with his "giver's remorse."

The CEO of the San Francisco-based virtual-gaming company has reportedly sold over $109 million of his stock back to the company.

Business Insider first reported the story back in July after reviewing Zynga's SEC filings. The sale leaves Pincus still owning about 16 percent of the company.

The move follows a report last month that Pincus had been asking early employees to give back some of their stock options before the company goes public.

The Associated Press reported that Pincus had given away a lot of stock to retain talent early in the company's history and he may have given out more than he was comfortable with in hindsight.

Now not only is Pincus giving stock back for an IPO that is expected to be valued between $7 and $10 billion, but other executives, including Zynga CTO Cadir Lee and Chief Creative Officer Michael Verdu, are selling shares back.

Lee and Verdu reportedly sold back $2.9 million worth of shares each. Several other venture capitalists firms invested in the company also sold off shares ranging between $5 million and $25.7 million.

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