Peter Kafka

Recent Posts by Peter Kafka

And They’re Off! Groupon IPOs With a Pop.

If you’re looking for a discount on Groupon shares you’re going to be out of luck this morning.

Get it? Hohoho.

So: As you may have heard, Groupon began trading this morning, and the stock immediately leapt up from its $20 per share open to $28. That’s a 40 percent leap, and it made CEO Andrew Mason, at least temporarily, worth around $1.3 billion.

That number also valued the entire company around $18 billion — about three times what Google offered to pay for the daily deals innovator last year.

Obviously, the number is going to bounce around throughout the day, so we’ll revisit this at least once more. And now back to our regularly scheduled programming …

 


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work