Zynga lays off more than 500 employees

Social gaming company Zynga, which created Facebook game Farmville, slashed its workforce by 18%, laying off about 520 employees and shutting down some offices in a move that is hoped to save between $70 million and $80 million, the company said Monday.

Zynga has lost about 70% of its market value since its IPO in 2011.