Internet whiz-kid's discount idea makes billions in two years
Where he dreamt about making his riches as a rock star. Instead,the 29 year old decided to set up an internet business that offers discounts on everything from restaurant meals to hair transplants and yoga classes. The big idea is about to turn him into the latest web billionaire.
Google is preparing to buy Groupon,his two year old company,for $5.3 billion,according to reports. The proposed deal will put Mr Mason in a group of young Internet billionaires including Mark Zuckerberg of Facebook and the google founders,Larry page and Sergey Brin.
The site offers vouchers named "Groupons" that can be spent at participating retailers. Every user gets a discount offer based on his or her location and profile, but these huge discounts expire unless enough people sign up. The trend, described as "Social buying" , has spread rapidly across the Web, and Groupon was described by Forbes as "the world's fastest-growing company".
Its explosive growth and healthy profits have convinced Google to dig into its deep pockets. It is believed to have started its bidding at $3 billion, a price that has been steadily rising over the past few weeks.
Mr Mason appears to be a man who knows his worth. In April, it was reported that he turned down a $2 billion offer from Yahoo, because the valuation was too low.
Groupon employs about 1,000 people, mostly based in Mr Mason's home town of chicago. It is active in more than 80 countries and is growing at the rate of 10 percent a week by adding new users through Facebook and twitter.
Internet whiz-kid's discount idea makes billions in two yearsWhere he dreamt about making his riches as a rock star. Instead,the 29 year old decided to set up an internet business that offers discounts on everything from restaurant meals to hair transplants and yoga classes. The big idea is about to turn him into the latest web billionaire. Google is preparing to buy Groupon,his two year old company,for $5.3 billion,according to reports. The proposed deal will put Mr Mason in a group of young Internet billionaires including Mark Zuckerberg of Facebook and the google founders,Larry page and Sergey Brin. The site offers vouchers named "Groupons" that can be spent at participating retailers. Every user gets a discount offer based on his or her location and profile, but these huge discounts expire unless enough people sign up. The trend, described as "Social buying" , has spread rapidly across the Web, and Groupon was described by Forbes as "the world's fastest-growing company". Its explosive growth and healthy profits have convinced Google to dig into its deep pockets. It is believed to have started its bidding at $3 billion, a price that has been steadily rising over the past few weeks.Mr Mason appears to be a man who knows his worth. In April, it was reported that he turned down a $2 billion offer from Yahoo, because the valuation was too low.Groupon employs about 1,000 people, mostly based in Mr Mason's home town of chicago. It is active in more than 80 countries and is growing at the rate of 10 percent a week by adding new users through Facebook and twitter.
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