Zynga -- the company behind social media-based games like FarmVille, CityVille and Words with Friends -- has hit the stock market and has become the biggest tech IPO since Google. (That phrase should sound familiar to you, it was the same case when Groupon hit the stock market in November.)
Zynga (ZNGA) sold 100 million shares at $10 each Thursday night, CBS reports. But Zynga's shares have already fallen below the $10 offer price at least once. A sign, many think, of what is in store for Zynga.
"Why wait when you can get a sell rating out on an internet IPO today?" said Michael Murphy, CEO of hedge fund Rosecliff Capital. "I agree with this call 100 percent. Traders are not going to give the benefit of the doubt to new issues right now. It will be below the offering price in less than six weeks."
Currently Zynga's shares are going for $10.10.
Zynga's sales on Thursday night have given it a market value of about $7 billiom.