Around the Net
The Long View On Groupon
- Business Insider, Tuesday, November 1, 2011 12:36 PM
Trying its hand at a feature-length profile, Business Insider does a deep dive “inside Groupon.” Like everyone else, BI wants to know: “How did things go so wrong?”
In sheer dollar terms, how did expectations for Groupon’s market cap tank from $30 billion to around to $10 billion? Until now, all signs have pointed to management missteps due to inexperience, quirky behavior, and perhaps even questionable character. Well sourced, BI’s piece reaches similar conclusions -- albeit painting a more nuanced picture of Groupon and its leaders -- but takes nearly 9,000 words to do it.
Regarding Groupon founder and CEO Andrew Mason, one source says: "He just likes to be the wacky, quirky, irreverent, 'I don't care about money, I don't care about business.' It's bullshit. It's just a shtick. He started as a socialist, and now he's as capitalist as you get. He wants to build a really big special company and he wants to fly private jets."
As BI notes, Groupon still has its boosters, who insist that new products like Groupon Now -- a mobile app that shows users deals at nearby merchants in real time -- will guarantee a bright future for the company. And, as a source says of the classic American drama narrative, everyone loves a comeback.
