Zynga Inc. (NASDAQ: ZNGA) is doing something rather tacky this morning.  The company has not been public for very long and it is already filing to sell shares for insiders.  The online social gaming company has now filed to sell almost $600 million worth of stock through Morgan Stanley and Goldman Sachs.  CEO and Founder Mark Pincus will take in about $225 million of that total.

The filing was actually for 43 million shares, with 16.5 million shares being from Pincus. Kleiner Perkins Caufield & Byers and Union Square Ventures are both also selling shares in the offering. Pincus will still have almost 36% of the voting interest in the company after this share sale.

This is just very soon for a lock-up to be waived.  While it is not dilutive in definition, it certainly puts much more supply of stock on the street.

Shares are up more than 30% from the 100 million share initial public offering and the pre-market indication is down by 2% to $13.45 in pre-market trading.

JON C. OGG

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