The Daily Parker

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Andrew Mason profile

The Seattle Times catches up with the former Groupon CEO:

Mason, 34, became rich by trying to create the world’s biggest bargain bin. In 2008, he transformed an online service devoted to social causes into Groupon, which offered steep discounts on everything from restaurant meals to hot-air balloon flights if enough people bought them. By late 2011, Groupon had become an Internet sensation valued at $13 billion in an initial public offering of stock that turned Mason into a billionaire.

Things unraveled quickly as Groupon battled copycat services from hundreds of rivals, including and Google, and the thrill of the deal faded for many consumers. By early 2013, Groupon’s stock had plunged nearly 80 percent below its IPO price of $20, triggering Mason’s firing. The collapse shrunk the value of Mason’s stake in Groupon from $1.5 billion to about $228 million.

Without sounding bitter, Mason looks back on Groupon as a “stupid, boring idea that just happened to resonate.” He no longer dwells on what went wrong at the company.

“I Google it from time to time, but I have moved on,” Mason says.

I've previously commented on Groupon around their IPO, which I scoffed at. But hey, I didn't have millions to burn at the time, so I stayed away.

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