The company began in 2008 at the height of the recession when everyone was looking for a bargain and it grew so quickly and so fast, financial as well as the public were very surprised. Not only did Andrew bring the company into a retail revolution he did a boom for jobs. He hires up to 150 employees a week. His company is currently in 46 countries and employs about 10 thousand people.
His accounting tricks were revealed and his huge marketing costs were hidden. The double counted their revenues so on their books they made $60.6 Million dollars in 2010 when in reality they lost from operations $420.3 Million dollars. Analysts began calling Groupon inviolable, a ponzi scheme and wondered if anyone was minding the store.
Groupon ended up having a widely successful opening day trading on NASDAQ as a public company. On the first trading day Andrew Mason’s personal worth jumped to 1.3 Billion dollars.