Friday, June 3, 2011
OK, so let me get this straight. Last year, Groupon turned down a $6 billion acquistition offer from Google. Now the company is planning an IPO that values the company at $30 billion. The company also lost more than $400 million last year. And, insiders plan to sell up to $345 million worth of their own stock as part of the planned $750 million IPO. What do they know that we don't?
Did I miss something? Are sock-puppets back in fashion again? Aren't companies supposed to have profits before going public? Didn't we resolve that question already? Maybe this is why I did get rich during the dot com bubble. None of it made any sense back then and it still doesn't the second time around.
Here's the Groupon S-1. Have fun.