Groupon, the founder of group buying, appoints a new CEO, and its market value has shrunk by 99.4% since IPO.
CTOnews.com, April 1 (Xinhua)-- Groupon, the founder of group buying, shot to fame by launching online group buying, confidently rejecting Google's $6 billion offer and listing at a market capitalization of $17.8 billion (CTOnews.com Note: about 122.286 billion yuan).
Groupon's revenue has been shrinking over the past decade: its core business model has stagnated and its diversification efforts have had little effect, resulting in declining revenue and continued losses.
The Chicago-based company, which currently has a market capitalization of just $103 million (down 99.4 per cent from its first day of listing), now appoints board member Dusan Senkypl as interim chief executive and operates remote control operations in the Czech Republic.
