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Thursday, November 3, 2011

How Groupon Was Founded

How Groupon Was Founded: "darling of the business press for the past two years. Suddenly it's not. 
He can't hang on to a COO. The SEC is asking questions. Industry executives are calling him a ponzi schemer.  Early employees are demanding six-figure pay for 9 to 5 hours. One even filed a lawsuit. Merchant customers are screaming. And Mason and his board, having helped themselves to $900 million of cash that could have gone to the company, are are now being blasted for incompetence and greed.
What a turnabout from a few months earlier, when Groupon was the talk of Wall Street. Then, Groupon was one of the fastest-growing companies in history, spurning $6 billion takeout offers from Google, preparing to go public at a valuation fo $25+ billion. And now everyone was talking about it running out of cash!

'via Blog this'

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