Great piece on the debacle of the Groupon IPO:
What a turnabout from a few months earlier, when Groupon was the talk of Wall Street. Then, Groupon was one of the fastest-growing companies in history, spurning $6 billion takeout offers from Google, preparing to go public at a valuation fo $25 billion. And now everyone was talking about it running out of cash!
So what happened? How did things go so wrong?
I’ll tell you what went wrong: shady accounting practices. Telling people you are profitable based on your questionable methods and then stating later you aren’t causes the public to question “what the f- is going on?”
Good read though, Instapaper it if you don’t have time to read it now.
