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Zynga Underwriter J.P. Morgan drops stake to less than one percent

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Financial servicer J.P. Morgan reduced its stake in Zynga's stock to 2.6 million, less than one percent, All Things D reports.

In January 2012, J.P. Morgan reportedly owned 6.7 million shares, or 6.7 percent company stake. At the time, shares traded for $9.12, making the company's Zynga stock worth nearly $61 million. Today, Zynga's stock is worth $2.49 per share, which reduces J.P. Morgan's share worth to $7 million.

According to All Things D, as companies typically update records after holdings drop below five percent, it's unclear when J.P. Morgan reduced its stake holdings, or at what price it sold them.

Zynga continues to face financial challenges; in December, Zynga closed its Japan office. The company has begun to focus on online gambling, which Zynga hopes to use as a way to enter a new market in social gaming.