In last Friday's trading, Groupon shares climbed 12.6% or US$0.57 per share closing at US$5.10. This was a sharp reaction to lost shareholder conference because of disappointing results in the last quarter of 2012 and even bleaker forecasts for the company.
The rebound was attributed to the firing of Groupon's founder and erstwhile CEO Andrew Mason. The 32 year old founder received the termination with candor and responded through an open letter to employees, where he accepted the reasons for his firing and he was 'OK with having failed at this part of the journey.' There has been no information as to windfall Mason would receive from the company he founded and created, but all his wealth his tied to the shares of stock in the company.
At the time of his firing, he owned 7.3% of outstanding shares of the company worth US$239.4 million. He decided on a base salary of US$757 and he turned down a bonus because of his sizeable wealth in the company.
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