Andrew Mason Became Millionaire Overnight Losing Almost One Billion Dollar?
American businessman Andrew Mason has tasted both huge success and failure over the course of his tenure. The former co-founder of daily-deal coupon became a billionaire overnight, but his achievement did not last long.
What happened to his business? How much is his current net worth? We have all the details here.
How American Businessman Andrew Mason Became A Billionaire Overnight?
Andrew Mason is a popular American entrepreneur best known as a co-founder of daily-deal coupon company Groupon. He was only 29 when he became the brain of Groupon.
Just before being a public company, Groupon raised around $950 million from venture capital firms. Only $810 million was hand over to high-level executives and early investors. During that time, Andrew took $30 million and Angel investor Eric Lefkofsky extract $320 million from the investment round.
At that time, Andrew and Eric got a buyout offer of $6 billion from Google, however, they rejected the deal. The outside investors were not convinced by their move and the Venture Capitalists of Groupon set their visual perception on the predicted November 2011 Initial Public Offering (IPO) or Stock Market Launch.
Then the daily-deal coupon company Groupon launched at $26 and Andrew Mason along with Eric Lefkofsky became a billionaire at the time of 2011 IPO.
Net Worth In Billion Or Million?
As of 2019, American businessman Andrew Manson has $230 million net worth after losing almost a billion-dollar.
The former co-founder of Groupon company was a billionaire overnight when the company’s share was outset at $26 in 2011 IPO. Immediately, his riches increased to $1.4 billion when the price of the share was raised at $31.1.
On the other hand, Eric’s worth was $3.4 billion. After one and a half years, the Groupon faced a huge loss. The company experienced various accounting mistakes and a vital reduce in revenue.
After going public, Groupon faced almost around 80% loss and Mason’s 45,934,504 shares sunk from an all-time high of $1.2 billion to $230 million which is a $1 billion drop in net worth. Later, Groupon fired the billionaire turned millionaire Mason on February 27, 2013, blaming him for the loss.
In December 2017, Andrew launched a new startup known as Descrip after a short hiatus. His new startup is all about an innovative audio editing tool for podcasters.