In 2010, it happened—only Google offered a shocking $6 billion.
More shocking, however, was that Groupon turned it down. The company thought it was just getting warmed up.
In 2011, Groupon filed for an IPO. The company nice opening day pop.
The company’s market value was well over $10 billion, far ahead of Google’s offer, which made then-supertsar CEO Andrew Mason look like a genius. He looks like a clown now.
That’s because Groupon’s first day pop disappeared. Then all gains disappeared. Then, quarter after disappointing quarter, Groupon’s share sank. And sank. And sank.
Today the company is trading below $3, a new low and nearly 85% below its debut price. The company is valued at less than $2 billion—barely one-third of what Google offered just two short years ago.
Now Groupon is laying off staff and Andrew is scrambling to concoct excuses. But, clearly, investors have stopped listening.