How rich is Andrew Mason?
Andrew Mason Net Worth:
|Birth date:||1980, Pittsburgh, Pennsylvania, United States|
|Education:||Northwestern University, University of Chicago|
|Nationality:||United States of America|
|Spouse:||Jenny Gillespie (m. 2011)|
Andrew Mason biography:
Andrew D. Mason is an American businessman and entrepreneur. He’s the founder and former CEO of Groupon, a Chicago-based site offering users discounts on local businesses. Recent study has stated his net worth to be around $230 million dollars. Andrew Mason got that net worth as a co-founder of daily-deal coupon firm Groupon.
Before becoming a public company, Groupon raised an estimated $950 million from venture capital firms. At that time, Groupon’s co-founder and CEO Andrew Mason pulled away $30 million from the investment round. Angel investor Eric Lefkofsky took out $320 million. Around this time Mason and Lefkofsky notoriously rejected a $6 billion buyout offer from Google. While many outside investors were suspicious of the move, the business’s Venture Capitalists set their views on the hoped-for November 2011 IPO. During the time of the IPO, Groupon shares debuted at $26 and Mason and Lefkofsky became an instant billionaires. Andrew Mason’s net worth soon topped $1.4 billion when the share price peaked at $31.1. Eric Lefkofsky’s net worth peaked at $3.4 billion. Unfortunately, in the 1.5 years that Groupon has been a public company have been a catastrophe. The organization has experienced several accounting irregularities plus a considerable fall in revenue. Groupon has lost around 80% of it’s value since going public. The worthiness of Andrew Mason’s 45,934,504 shares of GRPN have plummeted from an all time high of $1.2 billion to $230 million today. That is a $1 billion drop in net worth! On February 27th, 2013, Andrew Mason was fired from Groupon. After graduating from Northwestern University in 2003 using a diploma in music, Mason worked in web design for Chicago entrepreneur Eric Lefkofsky. Yet, he dropped out of his master’s degree program in the University of Chicago only months after it started. Mason also interned and worked at dominant Chicago recording studio Electrical Audio under recording engineer Steve Albini, whom Mason cited as being an inspiration on his work ethic
Andrew D. Mason (born 1980) is an American businessman and entrepreneur. He is the creator and former CEO of Groupon, a Chicago-based website offering users reductions on local businesses.
On December 1, 2010, The New York Times reported that Groupon was the topic of a $6 billion acquisition bid from Google, which Groupon turned down. Additionally in 2011 he sold $10 million worth of Groupon stock before the company went public in November of this year and he continued to possess 46 million shares. On September 19, 2012, Groupon made a large move into the business of mobile payments, launching “Groupon Payments”. Greenberg composed, in part, “Mason’s goofball antics, which may come off more like a huge child than company leader, practically make a mockery of corporate leadership — particularly to get a firm with a market value of more than $3 billion. It could be excusable, even endearing, in the event the company were doing well (believe Herb Kelleher of Southwest Airlines) but it is not. Sales growth is via the floor…”. Mason was discounted as Groupon’s CEO on February 28, 2013, the day following the company missed analysts’ expectations for sales, and fell way short of the mark when it came to gain.