Business Insider published yesterday the goodbye letter written by Andrew Mason, Groupon ex-CEO’s, to Groupon’s employees.
In this letter Andrew Mason admits being fired and takes full responsability for Groupon’s failure : “From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price”.
This admittance is probably one of the best things Andrew Mason has done for the company he founded.
He was not alone to be misguided. Most importantly, he was not alone in misguiding others by overstating Groupon’s market value when raising $1.3 B dollars from investors and later issuing Groupon’s stock at $20 in its Nov. 2011 IPO. After a very short rally, Groupon’s stock price fell to below $5, where it’s staying now.
Hopefully, Groupon’s board will be wiser in the guidance they give to the next Groupon CEO.