<\/title><\/p>\n<style>\n :root { color-scheme: light; supported-color-schemes: light; }\n body { margin: 0; padding: 0; min-width: 100%!important; -ms-text-size-adjust: 100% !important; -webkit-transform: scale(1) !important; -webkit-text-size-adjust: 100% !important; -webkit-font-smoothing: antialiased !important; }\n .body { word-wrap: normal; word-spacing:normal; }\n table.mso { width: 100%; border-collapse: collapse; padding: 0; table-layout: fixed; }\n img { border: 0; outline: none; }\n table { mso-table-lspace: 0px; mso-table-rspace: 0px; }\n td, a, span { mso-line-height-rule: exactly; }\n #root [x-apple-data-detectors=true],\n a[x-apple-data-detectors=true],\n #MessageViewBody a { color: inherit !important; text-decoration: inherit !important; font-size: inherit !important; font-family: inherit !important; font-weight: inherit !important; line-height: inherit !important; }\n span.MsoHyperlink { color: inherit !important; mso-style-priority: 99 !important; }\n span.MsoHyperlinkFollowed { color: inherit !important; 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}\n ol > li { font-family:'Helvetica',Arial,sans-serif;margin:10px 0px 0px 0px !important;padding: 0px 0px 0px 0px !important; color: #2D2D2D; }\n .e h3,\n .e p,\n .e span { padding-bottom:0px;padding-top:0px;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px; }\n .e span,\n .e li { font-family:'Helvetica',Arial,sans-serif;font-size:16px;color:#2D2D2D;line-height:24px; }\n .rec { font-family: ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, \"Helvetica Neue\", Arial, \"Noto Sans\", sans-serif, \"Apple Color Emoji\", \"Segoe UI Emoji\", \"Segoe UI Symbol\", \"Noto Color Emoji\" !important; }\n .rec__button:hover { background-color: #f9fafb !important; }\n .copyright a {color: inherit !important; text-decoration: none !important; font-size: inherit !important; font-family: inherit !important; font-weight: inherit !important; line-height: inherit !important;}\n .txt_social p { padding: 0; word-break: break-all; }\n .table, .table-c, .table-h { border: 1px solid #C0C0C0; }\n .table-c { padding:5px; background-color:#FFFFFF; }\n .table-c p { color: #2D2D2D; font-family:'Helvetica',Arial,sans-serif !important;overflow-wrap: break-word; }\n .table-h { padding:5px; background-color:#F1F1F1; }\n .table-h p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important;overflow-wrap: break-word; }\n @media only screen and (max-width:667px) {\n .aa, .w100pc { width: 100% !important; }\n .bb img { width: 100% !important; height: auto !important; max-width: none !important; }\n .cc { padding: 0px 8px !important; }\n .ee { padding-top:10px !important;padding-bottom:10px !important; }\n .ff ul, .ff ol { margin: 0px 0px 0px 10px !important;padding: 0px !important; }\n .ff li { margin:10px 0px 0px 10px !important; }\n .r {height:140px !important;}\n .s p { font-size:13px !important;line-height:15px !important; }\n .mob-hide {display:none !important;}\n .mob-show {display: block !important; width: auto !important; overflow: visible !important; float: none !important; max-height: inherit !important; line-height: inherit !important;}\n .mob-stack {width:100% !important;display:block !important;}\n .mob-w-full {width:100% !important;}\n .mob-block {display:block !important;}\n .embed-img {padding:0px 0px 12px 0px !important;}\n .socialShare {padding-top:15px !important;}\n .rec { padding-left:15px!important;padding-right:15px!important; }\n .bodyWrapper { padding:10px 4px 10px 4px !important; }\n .social-mobile {float:left !important;margin-top:10px !important;}\n }\n @media screen and (max-width: 480px) {\n u + .a .gg { width: 100% !important; width: 100vw !important; }\n .tok-heart { padding-top:75% !important; }\n .tok-play { padding-top: 250px !important; }\n }\n @media screen and (max-width: 320px) {\n .tok-heart { padding-top:65% !important; }\n }\n .u { border: 1px solid #CACACA !important; border-radius: 2px !important; background-color: #ffffff !important; padding: 0px 13px 0px 13px !important; font-family:ui-sans-serif,system-ui,-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,\"Helvetica Neue\",Arial,\"Noto Sans\",sans-serif !important;font-size: 12px !important; color: #767676 !important; }\n .u a { text-decoration: none; display: block !important; color: #767676 !important; margin: 0px !important; }\n .u span, .u img { color: #767676 !important;margin:0px !important; max-height:32px !important;background-color:#ffffff !important; }\n<\/style>\n<p><\/p>\n<style><\/style>\n<p><\/head><body class=\"a\" style=\"margin:0px auto;padding:0px;word-wrap:normal;word-spacing:normal;background-color:#FFFFFF;\"><\/p>\n<div role=\"article\" aria-roledescription=\"email\" aria-label=\"email_name\" lang=\"en\" style=\"font-size:1rem\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" align=\"center\" cellpadding=\"0\" class=\"gg\">\n<tr>\n<td align=\"center\" valign=\"top\">\n<table role=\"none\" width=\"670\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"aa\" style=\"width:670px;table-layout:fixed;\">\n<tr>\n<td class=\"bodyWrapper\" align=\"center\" valign=\"top\" style=\"padding:10px 5px 10px 5px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"border-width:0px 0px 0px 0px;border-style: solid; border-color: #FFFFFF;border-radius:10px 10px 0px 0px;background-color:#FFFFFF;\" class=\"c\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr id=\"header\">\n<td style=\"padding:15px 15px 0px 15px;\">\n<div style=\"padding-top:0px;padding-right:0px;padding-bottom:20px;padding-left:0px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td class=\"f\" align=\"right\" valign=\"top\">\n<p> January 26, 2026 | <a data-read-online-tooltip=\"true\" href=\"https:\/\/buildmode.xyz\/p\/the-company-that-said-no-to-6-billion?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\">Read online<\/a><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"center\" valign=\"top\" style=\"padding:15px 0;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\">\n<h1 style=\"text-align:left;font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif;font-weight:Bold;font-size:32px;color:#2A2A2A;padding:2px 0;line-height:38px;\"> The Company That Said No to $6 Billion (And Regretted It) <\/h1>\n<p style=\"text-align:left;font-family:'Helvetica',Arial,sans-serif;font-weight:normal;font-size:20px;color:#3E3E3E;padding:5px 0;line-height:24px;\"> Hello hello! <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" class=\"dd\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"left\" valign=\"middle\" class=\"mob-stack\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\" class=\"social-mobile\">\n<tr>\n<td align=\"left\" valign=\"middle\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\" style=\"width:100%\">\n<tr>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on facebook\" width=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/facebook.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/twitter.com\/intent\/tweet?text=Hello+hello%21&url=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&via=tomasmarsal&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on twitter\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/x.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.threads.net\/intent\/post?text=Hello+hello%21+https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on threads\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/threads.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite?url=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on linkedin\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/linkedin.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"line-height:0;\">\n<div data-open-tracking=\"true\"> {{OPEN_TRACKING_PIXEL}} <\/div>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<tr id=\"content-blocks\">\n<td class=\"email-card-body\" align=\"center\" valign=\"top\" style=\"padding-bottom:15px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Hello hello! <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> In 2010, Google offered to buy Groupon for $6 billion. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Andrew Mason said no. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> A year later, Groupon went public at a $12.6 billion valuation. Mason looked like a genius. The fastest-growing company in history had bet on itself and won. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Except it hadn\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Brought to you by<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/85e36555-372e-45a1-9997-954f5017805d\/a32b244e-c721-4d6c-b2be-1652774f828b_1200x600.jpg?t=1771948362\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Your News Doesn\u2019t Have To Be Overwhelming<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Be the smartest person in the room by reading <b><a class=\"link\" href=\"https:\/\/www.meintercept.com\/874BJD\/WGR393\/?uid=16328&sub1=whyjoin&sub2=newsletter&sub3=12_08_2025&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>1440<\/span><\/a><\/b>, where <b>4.5 million Americans<\/b>find their daily, fact-based news fix. They navigate through 100+ sources to deliver a comprehensive roundup from every corner of the internet: politics, global events, business, and culture, all in a quick, 5-minute newsletter. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> It\u2019s completely free and devoid of bias or political influence, ensuring you get the facts straight. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>\u2192 <\/b><b><a class=\"link\" href=\"https:\/\/www.meintercept.com\/874BJD\/WGR393\/?uid=16328&sub1=whyjoin&sub2=newsletter&sub3=12_08_2025&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>Subscribe to 1440 today<\/span><\/a><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/d1d7735f-c1c0-4320-ae23-18ed9da4d453\/665317e7-d965-466f-bdaf-4aa111a4db26_1200x630.jpg?t=1771948363\" alt=\"Groupon\u00ae Official Site | Online Shopping Deals and Coupons | Save Up to 70% off\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Meteoric Rise Nobody Saw Coming<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon launched in Chicago in <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>November 2008<\/span><\/a>, right in the teeth of the financial crisis. Timing was everything – people wanted deals, businesses needed customers. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The model was brilliantly simple: buy discounted vouchers for local experiences, but only if enough people signed up. Group buying power. Groupon. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Just two years after launch, Groupon\u2019s revenue was expected to exceed <a class=\"link\" href=\"https:\/\/www.cnbc.com\/2010\/12\/01\/groupon-may-be-fastestgrowing-company-ever.html?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$500 million in 2010<\/span><\/a>. The company filed documents showing <a class=\"link\" href=\"https:\/\/www.industryintel.com\/news\/3120702648\/Groupon%E2%80%99s%20IPO,%20once%20valued%20as%20high%20as%20US%E2%80%A6\/ur\/55601?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$713.4 million<\/span><\/a> in revenue for 2010, making it the first company to surpass $500 million in its third year. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/f576d373-74c9-4947-bab0-266dfc74a8f7\/f0b0f7c4-9e50-4d61-952d-3bd9b02db09c_1280x790.jpg?t=1771948363\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon reached unicorn status ($ billion valuation) in just <a class=\"link\" href=\"https:\/\/qz.com\/398090\/groupon-still-the-fastest-company-to-reach-a-unicorn-billion-dollar-valuation?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>1 year and 5 months<\/span><\/a> after founding – faster than any company before it. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> For context: That beat Amazon, Google, Facebook. Every single one. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> By October 2010, Groupon was available in 150 cities in North America and 100 cities in Europe, Asia and South America, with <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>35 million<\/span><\/a> registered users. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The growth was absolutely insane. From January 2010 to January 2011, Groupon\u2019s U.S. monthly revenue grew from <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$11 million to $89 million<\/span><\/a>. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> That\u2019s 8x revenue growth. In one year. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Offers Nobody Could Refuse<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> First, Yahoo offered over $3 billion. Mason declined. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then in November 2010, Google offered <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$5.3 billion<\/span><\/a> with a $700 million earnout (some sources cite $6 billion). <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason said no to that too. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> His logic? Groupon was worth more. They\u2019d prove it with an IPO. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> On November 4, 2011, Groupon went public at <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$12.65 billion<\/span><\/a> valuation, raising $700 million. It was the biggest Internet IPO since Google in 2004. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason\u2019s bet looked brilliant. He\u2019d turned down $6 billion and doubled the valuation in 12 months. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Wall Street celebrated. Tech media fawned. Mason was a visionary. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> For about five minutes. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Cracks That Were Always There<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> In its first earnings release as a public company, Groupon reported a fourth-quarter 2011 loss of <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$9.8 million<\/span><\/a> on an adjusted basis, disappointing investors. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then it got worse. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Additional investor concerns arose after the company restated <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>2011 revenues downward<\/span><\/a> in March 2012. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The stock that debuted at $20 started plummeting. Eventually hit $5. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/b886d762-b6b5-4179-8fb1-39b78f2ebd76\/ad3416cf-e410-4ee4-af24-1e9a16923a3b_1454x754.png?t=1771948363\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> What happened? <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The business model that looked amazing at scale… didn\u2019t actually work at scale. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Why Deep Discounts Don\u2019t Build Loyalty<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Here\u2019s the fatal flaw nobody wanted to talk about during the hypergrowth phase: <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s deals attracted bargain hunters, not loyal customers. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> A restaurant offers 50% off through Groupon. Great! New customers flood in. The restaurant loses money on every transaction (paying Groupon\u2019s cut plus the discount), but figures they\u2019ll make it back through repeat visits. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Except… they don\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The Groupon customers come once for the deal, then never return. They\u2019re not restaurant loyalists. They\u2019re discount chasers. As soon as the next deal pops up elsewhere, they\u2019re gone. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/9e8c48d6-6d30-4fe8-b204-6ce4d80f571a\/e32d9ba4-0e8d-42b5-8bd2-e09ed74d9929_1024x731.jpg?t=1771948364\" alt=\"Customer Acquisition Funnel: How to Build & Optimize for Maximum Conversions\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Merchants quickly realized Groupon wasn\u2019t customer acquisition. It was expensive customer rental. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> So they churned. Stopped offering deals. Moved on. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This created Groupon\u2019s death spiral: To keep the daily deal emails fresh, they needed constant new merchant supply. But satisfied merchants didn\u2019t come back. So Groupon had to spend heavily acquiring new merchants to replace the ones who churned. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The unit economics didn\u2019t work. Growth masked the problem. Until it couldn\u2019t anymore. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Distribution Channel That Disappeared<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s entire distribution strategy relied on email. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> They started with a 500-person email list in 2008 – friends, family, anyone they knew. First deal was 2-for-1 pizza at a bar downstairs from their Chicago office. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> That email list grew to tens of millions. It was Groupon\u2019s superpower. Daily deals landing in inbox. Open rates were phenomenal. Conversion was strong. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then Google changed Gmail\u2019s algorithm. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s emails started landing in spam folders. The primary distribution channel – the entire growth engine – got kneecapped overnight. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> They tried pivoting. Launched <a class=\"link\" href=\"https:\/\/www.therunway.ventures\/p\/groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>Groupon Goods<\/span><\/a> to compete with Amazon on merchandise. Didn\u2019t work. The magic was local deals, not e-commerce. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Meanwhile, Facebook and Google Ads matured. Small businesses could target customers directly, with better data, for less money. Why use Groupon? <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Accounting Tricks Didn\u2019t Help<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon initially used a non-standard accounting metric called ACSOI (Adjusted Consolidated Segment Operating Income). Critics argued it was used to present misleading profitability. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s original IPO filing with ACSOI showed positive operating income of <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$60.6 million<\/span><\/a> for 2010. After replacing ACSOI with standard metrics, the filing showed operating losses. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The SEC forced them to restate everything properly. The numbers looked way worse. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This destroyed investor confidence. Not only was the business model broken, but management had been playing accounting games to hide it. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> On July 31, 2015, Ben Kaufman stepped down as CEO, Andrew Mason was replaced by Eric Lefkofsky in 2013. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Wait, that\u2019s Quirky. Let me search for the correct Groupon CEO transition. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Actually, from the sources: Mason was CEO from founding until 2013 when he was replaced. The company continued struggling through multiple leadership changes. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Where They Are Now<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s current market capitalization is <a class=\"link\" href=\"https:\/\/qz.com\/398090\/groupon-still-the-fastest-company-to-reach-a-unicorn-billion-dollar-valuation?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$4.71 billion<\/span><\/a>, down from its $12.65 billion IPO in 2011 (note: this was from 2015, it\u2019s declined further since). <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The company still exists, but operates on a much smaller scale. They\u2019ve shifted focus to experiences and travel deals rather than daily discounts. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Multiple rounds of layoffs. Office closures. Strategic pivots. The typical death-by-a-thousand-cuts decline of a company that grew too fast on a fundamentally flawed model. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">What Actually Went Wrong<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>The Two-Sided Marketplace That Only Worked on One Side<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Customers loved Groupon. Merchants? Not so much. When only one side of your marketplace is happy, you don\u2019t have a sustainable business. You have a slow-motion implosion. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Email Dependency<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Building your entire distribution strategy on a channel you don\u2019t control (someone else\u2019s email algorithms) is organizational suicide. When Google changed Gmail, Groupon had no backup plan. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Discounts Don\u2019t Build Brands<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon helped merchants attract bargain hunters, not build loyal customer bases. The merchants figured this out. Groupon\u2019s response was to find new merchants, which worked until it didn\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Saying No to $6 Billion<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This is the big one. Sometimes the best decision is to take the exit. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason turned down $6 billion from Google thinking Groupon was worth more. He was right – for about 12 months. Then the stock crashed and never recovered. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> If your business model has fundamental flaws (and Groupon\u2019s did), growing bigger just makes the eventual collapse more spectacular. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> If you haven\u2019t yet, please subscribe, like, leave a comment, and share it! It helps us continue to bring you the most interesting news + nuance in startup and tech every week. <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td>\n<tr>\n<td class=\"b\" align=\"center\" valign=\"top\" bgcolor=\"#030712\" style=\"padding:0px 0px 0px 0px;border-style:solid;border-width: 0px 0px 0px 0px;border-color: #FFFFFF;border-bottom-left-radius:10px;border-bottom-right-radius:10px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\" bgcolor=\"#030712\" style=\"padding:12px\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td><span style=\"padding-left:1px;\"><\/span><\/td>\n<td align=\"center\" valign=\"middle\" width=\"75\" style=\"width:75px;\"><a href=\"https:\/\/www.instagram.com\/buildmode.xyz\/?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none;\"><img loading=\"lazy\" decoding=\"async\" width=\"22\" height=\"22\" alt=\"ig\" border=\"0\" style=\"display:block;max-width:22px;color:light\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/instagram_light.png\"\/><\/a><\/td>\n<td><span style=\"padding-left:1px;\"><\/span><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td height=\"10\" style=\"line-height:1px;font-size:1px;height:10px;\"> <\/td>\n<\/tr>\n<tr>\n<td class=\"w\" align=\"center\" valign=\"top\" style=\"padding:15px 15px 15px 15px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\">\n<p style=\"font-family:'Verdana',Geneva,sans-serif;color:#FFFFFF!important;\"> Update your email preferences or unsubscribe <a class=\"link\" href=\"https:\/\/buildmode.xyz\/subscribe\/{{subscriber_id}}\/preferences?post_id=89948104-3415-4903-a924-e09e04803cde&last_resource_guid=Post%3A89948104-3415-4903-a924-e09e04803cde&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it&last_resource_guid=Post%3A89948104-3415-4903-a924-e09e04803cde\" style=\"text-decoration:underline;text-decoration-color:#FFFFFF!important;color:#FFFFFF!important;\"> here<\/a><\/p>\n<p class=\"copyright\" style=\"font-family:'Verdana',Geneva,sans-serif;color:#FFFFFF!important;\"> © 2026 BuildMode <\/p>\n<p style=\"font-family:'Verdana',Geneva,sans-serif;color:#FFFFFF!important;\"> 2093 Philadelphia Pike<br \/>Claymont, DE 19703, United States <\/p>\n<\/td>\n<\/tr>\n<tr style=\"display: table-row !important;\">\n<td align=\"center\" valign=\"top\" style=\"padding-top:20px;\" style=\"display:table-cell !important;\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" style=\"display:table !important;\">\n<tr style=\"display:table-row !important;\">\n<td class=\"u\" align=\"center\" valign=\"middle\" height=\"32\" style=\"height:32px;display:table-cell !important; 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{"id":156,"date":"2026-02-24T15:52:42","date_gmt":"2026-02-24T15:52:42","guid":{"rendered":"https:\/\/buildmode.xyz\/?p=156"},"modified":"2026-02-24T15:52:42","modified_gmt":"2026-02-24T15:52:42","slug":"the-company-that-said-no-to-6-billion-and-regretted-it","status":"publish","type":"post","link":"https:\/\/buildmode.xyz\/uncategorized\/the-company-that-said-no-to-6-billion-and-regretted-it\/","title":{"rendered":"The Company That Said No to $6 Billion (And Regretted It)"},"content":{"rendered":"

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}\n .h p a { color:#0C4A6E !important; }\n .h2 p a { color:#0C4A6E !important; }\n .h3 p a { color:#0C4A6E !important; }\n .f p a, .i p a, .i2 p a, .i3 p a, .h p a, .h2 p a, .h3 p a { text-decoration:underline; }\n .j { border-top:3px solid #030712; }\n .k p { padding-left:15px;padding-bottom:0px;padding-top:6px;mso-margin-top-alt:6px;mso-margin-bottom-alt:0px;mso-margin-left-alt:15px; }\n .o { background-color:#FFFFFF;border:1px solid #F1F1F1;border-radius:5px; }\n .o p { font-family:'Helvetica',Arial,sans-serif;padding:0px;margin:0px; }\n .l p,\n .l p a, .l a { font-size:14px;line-height:20px;font-weight: bold;color:#2D2D2D;padding-bottom:6px;mso-margin-bottom-alt:6px;text-decoration:none; }\n .m p,\n .m p a { font-size:13px;line-height:18px;font-weight:400;color:#2D2D2D;padding-bottom:6px;mso-margin-bottom-alt:6px;text-decoration:none; }\n .n p,\n .n p a { font-size:12px;line-height:17px;font-weight:400;color:#2D2D2D;padding-bottom:6px;mso-margin-bottom-alt:6px;text-decoration:none; }\n .p { background-color:#FFFFFF;max-width:520px;border:1px solid #E1E8ED;border:1px solid rgba(80, 80, 80, 0.3);border-radius:5px; }\n .q { font-size:16px;font-family:Helvetica,Roboto,Calibri,sans-serif !important;border:1px solid #e1e8ed;border:1px solid rgba(80, 80, 80, 0.3);border-radius:10px;background-color:#FFFFFF; }\n .q p { font-size:16px;font-family:system-ui,Helvetica,Roboto,Calibri,sans-serif !important;color:#222222;padding:4px 0; }\n .r { border:1px solid #E1E8ED !important;border-radius:5px; }\n .s p { font-size: 14px; line-height: 17px; font-weight: 400; color: #697882; text-decoration: none; }\n .t p { font-family:'Helvetica',Arial,sans-serif;font-size:12px;line-height:18px;font-weight:400;color:#000000;font-style:italic;padding:4px 0px 0px; }\n .v { border-radius:8px;border:solid 0px #030712;background-color:#030712;font-family:'Verdana',Geneva,sans-serif;color:#FFFFFF; }\n .v a { text-decoration:none;display:block;color:#FFFFFF; }\n .w p { font-size:12px;line-height:15px;font-weight:400;color:#FFFFFF; }\n .w p a { text-decoration: underline !important;color:#FFFFFF !important; }\n ul { font-family:'Helvetica',Arial,sans-serif;margin:0px 0px 0px 25px !important;padding:0px !important;color:#2D2D2D;line-height:24px;list-style-type:disc !important;font-size:16px; }\n ul ul { list-style-type:circle !important; }\n ul ul ul { list-style-type:square !important; }\n ul ul ul ul { list-style-type:disc !important; }\n ul ul ul ul ul { list-style-type:circle !important; }\n ul ul ul ul ul ul { list-style-type:square !important; }\n ul ul ul ul ul ul ul { list-style-type:disc !important; }\n ul ul ul ul ul ul ul ul { list-style-type:circle !important; }\n ul ul ul ul ul ul ul ul ul { list-style-type:square !important; }\n ul > li { font-family:'Helvetica',Arial,sans-serif;margin:10px 0px 0px 0px !important;padding: 0px 0px 0px 0px !important; color: #2D2D2D; }\n ol { font-family:'Helvetica',Arial,sans-serif;margin: 0px 0px 0px 25px !important;padding:0px !important;color:#2D2D2D;line-height:24px;list-style:decimal;font-size:16px; }\n ol > li { font-family:'Helvetica',Arial,sans-serif;margin:10px 0px 0px 0px !important;padding: 0px 0px 0px 0px !important; color: #2D2D2D; }\n .e h3,\n .e p,\n .e span { padding-bottom:0px;padding-top:0px;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px; }\n .e span,\n .e li { font-family:'Helvetica',Arial,sans-serif;font-size:16px;color:#2D2D2D;line-height:24px; }\n .rec { font-family: ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, \"Helvetica Neue\", Arial, \"Noto Sans\", sans-serif, \"Apple Color Emoji\", \"Segoe UI Emoji\", \"Segoe UI Symbol\", \"Noto Color Emoji\" !important; }\n .rec__button:hover { background-color: #f9fafb !important; }\n .copyright a {color: inherit !important; text-decoration: none !important; font-size: inherit !important; font-family: inherit !important; font-weight: inherit !important; line-height: inherit !important;}\n .txt_social p { padding: 0; word-break: break-all; }\n .table, .table-c, .table-h { border: 1px solid #C0C0C0; }\n .table-c { padding:5px; background-color:#FFFFFF; }\n .table-c p { color: #2D2D2D; font-family:'Helvetica',Arial,sans-serif !important;overflow-wrap: break-word; }\n .table-h { padding:5px; background-color:#F1F1F1; }\n .table-h p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important;overflow-wrap: break-word; }\n @media only screen and (max-width:667px) {\n .aa, .w100pc { width: 100% !important; }\n .bb img { width: 100% !important; height: auto !important; max-width: none !important; }\n .cc { padding: 0px 8px !important; }\n .ee { padding-top:10px !important;padding-bottom:10px !important; }\n .ff ul, .ff ol { margin: 0px 0px 0px 10px !important;padding: 0px !important; }\n .ff li { margin:10px 0px 0px 10px !important; }\n .r {height:140px !important;}\n .s p { font-size:13px !important;line-height:15px !important; }\n .mob-hide {display:none !important;}\n .mob-show {display: block !important; width: auto !important; overflow: visible !important; float: none !important; max-height: inherit !important; line-height: inherit !important;}\n .mob-stack {width:100% !important;display:block !important;}\n .mob-w-full {width:100% !important;}\n .mob-block {display:block !important;}\n .embed-img {padding:0px 0px 12px 0px !important;}\n .socialShare {padding-top:15px !important;}\n .rec { padding-left:15px!important;padding-right:15px!important; }\n .bodyWrapper { padding:10px 4px 10px 4px !important; }\n .social-mobile {float:left !important;margin-top:10px !important;}\n }\n @media screen and (max-width: 480px) {\n u + .a .gg { width: 100% !important; width: 100vw !important; }\n .tok-heart { padding-top:75% !important; }\n .tok-play { padding-top: 250px !important; }\n }\n @media screen and (max-width: 320px) {\n .tok-heart { padding-top:65% !important; }\n }\n .u { border: 1px solid #CACACA !important; border-radius: 2px !important; background-color: #ffffff !important; padding: 0px 13px 0px 13px !important; font-family:ui-sans-serif,system-ui,-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,\"Helvetica Neue\",Arial,\"Noto Sans\",sans-serif !important;font-size: 12px !important; color: #767676 !important; }\n .u a { text-decoration: none; display: block !important; color: #767676 !important; margin: 0px !important; }\n .u span, .u img { color: #767676 !important;margin:0px !important; max-height:32px !important;background-color:#ffffff !important; }\n<\/style>\n<p><\/p>\n<style><\/style>\n<p><\/head><body class=\"a\" style=\"margin:0px auto;padding:0px;word-wrap:normal;word-spacing:normal;background-color:#FFFFFF;\"><\/p>\n<div role=\"article\" aria-roledescription=\"email\" aria-label=\"email_name\" lang=\"en\" style=\"font-size:1rem\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" align=\"center\" cellpadding=\"0\" class=\"gg\">\n<tr>\n<td align=\"center\" valign=\"top\">\n<table role=\"none\" width=\"670\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"aa\" style=\"width:670px;table-layout:fixed;\">\n<tr>\n<td class=\"bodyWrapper\" align=\"center\" valign=\"top\" style=\"padding:10px 5px 10px 5px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"border-width:0px 0px 0px 0px;border-style: solid; border-color: #FFFFFF;border-radius:10px 10px 0px 0px;background-color:#FFFFFF;\" class=\"c\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr id=\"header\">\n<td style=\"padding:15px 15px 0px 15px;\">\n<div style=\"padding-top:0px;padding-right:0px;padding-bottom:20px;padding-left:0px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td class=\"f\" align=\"right\" valign=\"top\">\n<p> January 26, 2026 | <a data-read-online-tooltip=\"true\" href=\"https:\/\/buildmode.xyz\/p\/the-company-that-said-no-to-6-billion?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\">Read online<\/a><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"center\" valign=\"top\" style=\"padding:15px 0;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"top\">\n<h1 style=\"text-align:left;font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif;font-weight:Bold;font-size:32px;color:#2A2A2A;padding:2px 0;line-height:38px;\"> The Company That Said No to $6 Billion (And Regretted It) <\/h1>\n<p style=\"text-align:left;font-family:'Helvetica',Arial,sans-serif;font-weight:normal;font-size:20px;color:#3E3E3E;padding:5px 0;line-height:24px;\"> Hello hello! <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" class=\"dd\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"left\" valign=\"middle\" class=\"mob-stack\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"right\" class=\"social-mobile\">\n<tr>\n<td align=\"left\" valign=\"middle\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\" style=\"width:100%\">\n<tr>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on facebook\" width=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/facebook.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/twitter.com\/intent\/tweet?text=Hello+hello%21&url=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&via=tomasmarsal&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on twitter\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/x.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.threads.net\/intent\/post?text=Hello+hello%21+https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on threads\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/threads.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<td width=\"8\" style=\"width:8px;\"> <\/td>\n<td align=\"center\" valign=\"middle\"><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite?url=https%3A%2F%2Fbuildmode.xyz%2Fp%2Fthe-company-that-said-no-to-6-billion&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" style=\"text-decoration:none; display:block;\"><\/p>\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td align=\"center\" valign=\"middle\" style=\"border: 1px solid #E5E7EB; border-radius: 100%; width: 18px; height: 18px; padding: 8px;\"><img loading=\"lazy\" decoding=\"async\" style=\"display:block; width:100%; height:100%; max-width:18px; max-height:18px; object-fit: contain;\" alt=\"share on linkedin\" width=\"18\" height=\"18\" border=\"0\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/static_assets\/header\/linkedin.png\"\/><\/td>\n<\/tr>\n<\/table>\n<p><\/a><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"line-height:0;\">\n<div data-open-tracking=\"true\"> {{OPEN_TRACKING_PIXEL}} <\/div>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<tr id=\"content-blocks\">\n<td class=\"email-card-body\" align=\"center\" valign=\"top\" style=\"padding-bottom:15px;\">\n<table role=\"none\" width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Hello hello! <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> In 2010, Google offered to buy Groupon for $6 billion. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Andrew Mason said no. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> A year later, Groupon went public at a $12.6 billion valuation. Mason looked like a genius. The fastest-growing company in history had bet on itself and won. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Except it hadn\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Brought to you by<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/85e36555-372e-45a1-9997-954f5017805d\/a32b244e-c721-4d6c-b2be-1652774f828b_1200x600.jpg?t=1771948362\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Your News Doesn\u2019t Have To Be Overwhelming<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Be the smartest person in the room by reading <b><a class=\"link\" href=\"https:\/\/www.meintercept.com\/874BJD\/WGR393\/?uid=16328&sub1=whyjoin&sub2=newsletter&sub3=12_08_2025&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>1440<\/span><\/a><\/b>, where <b>4.5 million Americans<\/b>find their daily, fact-based news fix. They navigate through 100+ sources to deliver a comprehensive roundup from every corner of the internet: politics, global events, business, and culture, all in a quick, 5-minute newsletter. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> It\u2019s completely free and devoid of bias or political influence, ensuring you get the facts straight. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>\u2192 <\/b><b><a class=\"link\" href=\"https:\/\/www.meintercept.com\/874BJD\/WGR393\/?uid=16328&sub1=whyjoin&sub2=newsletter&sub3=12_08_2025&utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>Subscribe to 1440 today<\/span><\/a><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/d1d7735f-c1c0-4320-ae23-18ed9da4d453\/665317e7-d965-466f-bdaf-4aa111a4db26_1200x630.jpg?t=1771948363\" alt=\"Groupon\u00ae Official Site | Online Shopping Deals and Coupons | Save Up to 70% off\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Meteoric Rise Nobody Saw Coming<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon launched in Chicago in <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>November 2008<\/span><\/a>, right in the teeth of the financial crisis. Timing was everything – people wanted deals, businesses needed customers. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The model was brilliantly simple: buy discounted vouchers for local experiences, but only if enough people signed up. Group buying power. Groupon. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Just two years after launch, Groupon\u2019s revenue was expected to exceed <a class=\"link\" href=\"https:\/\/www.cnbc.com\/2010\/12\/01\/groupon-may-be-fastestgrowing-company-ever.html?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$500 million in 2010<\/span><\/a>. The company filed documents showing <a class=\"link\" href=\"https:\/\/www.industryintel.com\/news\/3120702648\/Groupon%E2%80%99s%20IPO,%20once%20valued%20as%20high%20as%20US%E2%80%A6\/ur\/55601?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$713.4 million<\/span><\/a> in revenue for 2010, making it the first company to surpass $500 million in its third year. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/f576d373-74c9-4947-bab0-266dfc74a8f7\/f0b0f7c4-9e50-4d61-952d-3bd9b02db09c_1280x790.jpg?t=1771948363\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon reached unicorn status ($ billion valuation) in just <a class=\"link\" href=\"https:\/\/qz.com\/398090\/groupon-still-the-fastest-company-to-reach-a-unicorn-billion-dollar-valuation?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>1 year and 5 months<\/span><\/a> after founding – faster than any company before it. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> For context: That beat Amazon, Google, Facebook. Every single one. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> By October 2010, Groupon was available in 150 cities in North America and 100 cities in Europe, Asia and South America, with <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>35 million<\/span><\/a> registered users. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The growth was absolutely insane. From January 2010 to January 2011, Groupon\u2019s U.S. monthly revenue grew from <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$11 million to $89 million<\/span><\/a>. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> That\u2019s 8x revenue growth. In one year. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Offers Nobody Could Refuse<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> First, Yahoo offered over $3 billion. Mason declined. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then in November 2010, Google offered <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$5.3 billion<\/span><\/a> with a $700 million earnout (some sources cite $6 billion). <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason said no to that too. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> His logic? Groupon was worth more. They\u2019d prove it with an IPO. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> On November 4, 2011, Groupon went public at <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$12.65 billion<\/span><\/a> valuation, raising $700 million. It was the biggest Internet IPO since Google in 2004. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason\u2019s bet looked brilliant. He\u2019d turned down $6 billion and doubled the valuation in 12 months. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Wall Street celebrated. Tech media fawned. Mason was a visionary. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> For about five minutes. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Cracks That Were Always There<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> In its first earnings release as a public company, Groupon reported a fourth-quarter 2011 loss of <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$9.8 million<\/span><\/a> on an adjusted basis, disappointing investors. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then it got worse. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Additional investor concerns arose after the company restated <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>2011 revenues downward<\/span><\/a> in March 2012. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The stock that debuted at $20 started plummeting. Eventually hit $5. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/b886d762-b6b5-4179-8fb1-39b78f2ebd76\/ad3416cf-e410-4ee4-af24-1e9a16923a3b_1454x754.png?t=1771948363\" alt=\"\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> What happened? <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The business model that looked amazing at scale… didn\u2019t actually work at scale. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Why Deep Discounts Don\u2019t Build Loyalty<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Here\u2019s the fatal flaw nobody wanted to talk about during the hypergrowth phase: <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s deals attracted bargain hunters, not loyal customers. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> A restaurant offers 50% off through Groupon. Great! New customers flood in. The restaurant loses money on every transaction (paying Groupon\u2019s cut plus the discount), but figures they\u2019ll make it back through repeat visits. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Except… they don\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The Groupon customers come once for the deal, then never return. They\u2019re not restaurant loyalists. They\u2019re discount chasers. As soon as the next deal pops up elsewhere, they\u2019re gone. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"padding-bottom:20px;padding-left:15px;padding-right:15px;padding-top:20px; \" class=\"dd\">\n<table role=\"none\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin:0 auto 0 auto;\">\n<tr>\n<td align=\"center\" valign=\"top\" style=\"width:630px;\"><img decoding=\"async\" src=\"https:\/\/media.beehiiv.com\/cdn-cgi\/image\/fit=scale-down,format=auto,onerror=redirect,quality=80\/uploads\/asset\/file\/9e8c48d6-6d30-4fe8-b204-6ce4d80f571a\/e32d9ba4-0e8d-42b5-8bd2-e09ed74d9929_1024x731.jpg?t=1771948364\" alt=\"Customer Acquisition Funnel: How to Build & Optimize for Maximum Conversions\" height=\"auto\" width=\"630\" style=\"display:block;width:100%;\" border=\"0\"\/><\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Merchants quickly realized Groupon wasn\u2019t customer acquisition. It was expensive customer rental. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> So they churned. Stopped offering deals. Moved on. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This created Groupon\u2019s death spiral: To keep the daily deal emails fresh, they needed constant new merchant supply. But satisfied merchants didn\u2019t come back. So Groupon had to spend heavily acquiring new merchants to replace the ones who churned. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The unit economics didn\u2019t work. Growth masked the problem. Until it couldn\u2019t anymore. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Distribution Channel That Disappeared<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s entire distribution strategy relied on email. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> They started with a 500-person email list in 2008 – friends, family, anyone they knew. First deal was 2-for-1 pizza at a bar downstairs from their Chicago office. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> That email list grew to tens of millions. It was Groupon\u2019s superpower. Daily deals landing in inbox. Open rates were phenomenal. Conversion was strong. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Then Google changed Gmail\u2019s algorithm. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s emails started landing in spam folders. The primary distribution channel – the entire growth engine – got kneecapped overnight. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> They tried pivoting. Launched <a class=\"link\" href=\"https:\/\/www.therunway.ventures\/p\/groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>Groupon Goods<\/span><\/a> to compete with Amazon on merchandise. Didn\u2019t work. The magic was local deals, not e-commerce. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Meanwhile, Facebook and Google Ads matured. Small businesses could target customers directly, with better data, for less money. Why use Groupon? <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">The Accounting Tricks Didn\u2019t Help<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon initially used a non-standard accounting metric called ACSOI (Adjusted Consolidated Segment Operating Income). Critics argued it was used to present misleading profitability. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s original IPO filing with ACSOI showed positive operating income of <a class=\"link\" href=\"https:\/\/en.wikipedia.org\/wiki\/Groupon?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$60.6 million<\/span><\/a> for 2010. After replacing ACSOI with standard metrics, the filing showed operating losses. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The SEC forced them to restate everything properly. The numbers looked way worse. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This destroyed investor confidence. Not only was the business model broken, but management had been playing accounting games to hide it. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> On July 31, 2015, Ben Kaufman stepped down as CEO, Andrew Mason was replaced by Eric Lefkofsky in 2013. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Wait, that\u2019s Quirky. Let me search for the correct Groupon CEO transition. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Actually, from the sources: Mason was CEO from founding until 2013 when he was replaced. The company continued struggling through multiple leadership changes. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">Where They Are Now<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon\u2019s current market capitalization is <a class=\"link\" href=\"https:\/\/qz.com\/398090\/groupon-still-the-fastest-company-to-reach-a-unicorn-billion-dollar-valuation?utm_source=buildmode.xyz&utm_medium=newsletter&utm_campaign=the-company-that-said-no-to-6-billion-and-regretted-it\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span>$4.71 billion<\/span><\/a>, down from its $12.65 billion IPO in 2011 (note: this was from 2015, it\u2019s declined further since). <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> The company still exists, but operates on a much smaller scale. They\u2019ve shifted focus to experiences and travel deals rather than daily discounts. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Multiple rounds of layoffs. Office closures. Strategic pivots. The typical death-by-a-thousand-cuts decline of a company that grew too fast on a fundamentally flawed model. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" valign=\"top\" style=\"color:#2A2A2A;font-weight:normal;padding:0px 15px;text-align:left;\">\n<h4 style=\"color:#2A2A2A;font-weight:normal;mso-line-height-alt:112.5%;\">What Actually Went Wrong<\/h4>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>The Two-Sided Marketplace That Only Worked on One Side<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Customers loved Groupon. Merchants? Not so much. When only one side of your marketplace is happy, you don\u2019t have a sustainable business. You have a slow-motion implosion. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Email Dependency<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Building your entire distribution strategy on a channel you don\u2019t control (someone else\u2019s email algorithms) is organizational suicide. When Google changed Gmail, Groupon had no backup plan. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Discounts Don\u2019t Build Brands<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Groupon helped merchants attract bargain hunters, not build loyal customer bases. The merchants figured this out. Groupon\u2019s response was to find new merchants, which worked until it didn\u2019t. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"><b>Saying No to $6 Billion<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> This is the big one. Sometimes the best decision is to take the exit. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> Mason turned down $6 billion from Google thinking Groupon was worth more. He was right – for about 12 months. Then the stock crashed and never recovered. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> If your business model has fundamental flaws (and Groupon\u2019s did), growing bigger just makes the eventual collapse more spectacular. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td align=\"center\" valign=\"top\" style=\"font-size:0px;line-height:0px;padding:30px 0px 30px;\" class=\"dd\">\n<table class=\"j\" role=\"none\" width=\"50%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tr>\n<td> <\/td>\n<\/tr>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"dd\" align=\"left\" style=\"padding:0px 15px;text-align:left;word-break:break-word;\">\n<p style=\"mso-line-height-alt:150.0%;\"> If you haven\u2019t yet, please subscribe, like, leave a comment, and share it! 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