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In 2011, Groupon was worth $16.5 billion. It was the biggest internet IPO since Google, and it had just turned down a $6 billion offer from Google itself. Today it's worth about 95% less. So what happened?
This is the story of the fastest-growing company in history, and how it lost $15 billion selling coupons. We break down the math that made merchants lose money on deals, the made-up accounting metric regulators forced Groupon to drop before its IPO, the refund problem that broke its books, and the founder's legendary farewell memo: "Just kidding – I was fired today."
Groupon's story isn't really about coupons. It's about the difference between growth and a business.
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