Groupon CEO Moonlights at a Sushi Joint: Dude, Like We Told You Earlier, Just Buy OpenTable
Groupon (GRPN) stock keeps falling, and the people in charge seem a little distracted. Chairman Eric Lefkofsky is ogling a Groupon-style dating site. And chief executive Andrew Mason is working nights at a sushi joint.
If you’ve mistaken that for a joke, that is in fact what Bloomberg Businessweek reports in a profile of Mason. By day, he's running his daily deals site into the ground. By night, he’s working as a maître d’ at a Japanese restaurant in Chicago’s Wicker Park neighborhood. He's greeting customers with his goofy grin, really there to learn how the restaurant books reservations, takes payments and manages inventory. His end goal: to figure out what a tech company like his do for small businesses like this one.
It’s all very adorable but also unnecessary. He can get where he wants to go faster and more efficiently by buying OpenTable (OPEN), which has already started down this path and created a system for customers to make reservations online.
YCharts recommended this once before in this story. When we published that in March, OpenTable’s market cap was $1 billion. It’s down to $875 million now.
Of course, Groupon has done worse. Its market cap was almost $12 billion in March and is $5 billion now.
Dude, you of all people should be able to recognize a deal.