Luxor Capital Group Raises Passive Stake in Stabilizing Zynga Inc (ZNGA) To 5.1%

Recently, Zynga Inc (NASDAQ:ZNGA) announced a $100 million cost reduction program, under which it plans to reduce its current workforce by about 18%. The company also intends to implement additional cost reduction measures as part of this plan. The company expects the workforce reduction to be complete in the fourth quarter of this year, generating about $45 million in annualized savings. The company plans to complete a reduction in centralized services costs and spending by the third quarter of 2016, which will generate an estimated annualized savings of about $55 million.

In May, Zynga Inc (NASDAQ:ZNGA) released its first mobile action-strategy game, Empires & Allies, to global consumers. The modern military strategy game allows players to design their perfect army and deploy weapons of modern warfare in a never-ending battle to save the world.

Last month, Ellen F. Siminoff, a Director at Zynga Inc (NASDAQ:ZNGA), sold 10,000 shares of the company. According to a new filing with the SEC, the shares were sold at $2.77 per share for an aggregate price of approximately $27,700.00. Following the sale, Siminoff owns 360,619 shares of Zynga Inc (NASDAQ:ZNGA).

Ricky Sandler’s Eminence Capital is one of the largest shareholders of Zynga Inc (NASDAQ:ZNGA) among the investors we track. As of March 31, Eminence Capital held 64.21 million shares of the company. Another investor of Zynga is David Greenspan’s Slate Path Capital, which reported holding 26.14 million shares at the end of the first quarter.

Disclosure: none