Groupon Slices Value by Half

Everyone’s known Groupon is in trouble, but things took a dire turn late Friday as the company restated its value as half of what it had previously announced. After conversations with the SEC, Groupon said it would change what it counts as revenue, a move that slices its value from around $700 million to around $300 million. Meanwhile, just five months after the startup scooped up Margo Georgiadis from Google to become Groupon’s COO, she’s returning to her former employer. The value adjustment and top-level departure could derail the deal site’s plans to go public.