Snapchat is in discussions with a number of investors, including Alibaba, to get the imaging app valued at the US$10bn mark, according to sources close to the company.
Dublin: 31.07.2014 02.18AM
Social games creator Zynga’s chief marketing and revenue officer Jeff Karp has resigned, following the departure of at least seven other managers since early August.
“Jeff Karp is leaving Zynga, and the groups in his organisation have been realigned under appropriate existing divisions,” Dani Dudeck, a spokeswoman for Zynga, told Bloomberg.
Karp will remain employed at Zynga in a non-officer capacity through 22 September. He had joined Zynga last year, having previously worked at Electronic Arts.
Zynga’s stock has sunk more than 70pc since its initial public offering in December, thus eroding the value of equity used to compensate staff.
In July, the company reported a loss of US$22.8m on revenue of US$332m in the second quarter.