(NEW YORK) — Not a great deal for Groupon’s investors: The company’s stock dove down to $7.77 on Wednesday, when their initial public offering price was $20 a share, according to the New York Times.
Since going public, the Groupon has fallen 70 percent. Its chairman, Eric Lefkofsky recently stated he was going to focus on his own investment firm and cut back on his duties at the company.
Groupon is a website that offers deal-of-the-days with discounted gift certificates used at national and local companies.
Copyright 2012 ABC News Radio
Dylan Byers, CNN Newswire
Chris Isidore and Robert Mclean, CNN Newswire