Coupon Giant Gets Clipped, Groupon Fires Founder

Groupon CEO pens candid goodbye to staff; company loses 75 per cent of value.
3:00 | 03/02/13

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Transcript for Coupon Giant Gets Clipped, Groupon Fires Founder
american company that wasn't long ago celebrated as the fastest growing company, groupon. Perhaps you took advantage of some of those daily online bargains. Tonight, though the company is on the brink. Here's abc's linzie janis. Reporter: It may be the most candid good-bye letter ever written. The ceo joking to staff, I've decided that I'd like to spend more time with my family. Just kidding. I was fired today. But, is his departure enough to turn the struggling company around? Under mason, groupon has swelled to 11,000 employees. But it's also lost nearly 75% of its value since debuting on the stock market. Just 15 months ago. Begging the question, was it just too good to be true? Kind of like some of its earlier deals? One of the first successful deals for groupon was for gap. The other day, I got a groupon offer for an introduction to beekeeping class. A large percentage of the people are just out for a bargain. They're not out to be a long-term client. Reporter: Even groupon's main copy-cat, living social is struggling. Losing $650 million last year and laying off 10% of its staff. Throwing the entire business model into question. Groupon declined to give us an interview for the story. The company emphasizes it's still making money. David?

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