Groupon has sacked its founder and chief executive Andrew Mason in an effort to stop landslide in its shares. The company, however, didn’t reveal who will replace Mason.
The company has concerns of growing expansion costs, controversial accounting methods, and quarterly losses that declined its value by more than three quarters since its share started trading at $20, according to The Telegraph.
Groupon was praised as one the hottest technology companies of this decade after its formation in November 2011.
The company posted operating losses of over $13m (£8.5m), which declined shares by 24pc to close at $4.53 in New York.
Mason said: “I’ve been fired. If you’re wondering why…you haven’t been paying attention.”
Groupon shares grew by 8pc to $4.90 in after-hours trading, following the news of Mason’s exit.