Towards the end of February, Groupon CEO Andrew Mason was fired. Groupon recently filed an 8-K form with the SEC to disclose how much that Mason’s replacements will be making. Groupon co-CEOs Eric Lefkofsky and Ted Leonsis will make a combined $410,000 salary. Lefkofsky will receive $200,000 and Leonsis will receive $210,000 on an annual basis. If a replacement CEO is found, then they will receive a portion of that salary.
Ted Leonsis Posts
Yesterday Groupon Inc. (NASDAQ:GRPN) had an initial public offering. The company set their stock price at $20 and yesterday it closed at $26.11. The company was given a valuation of over $17 billion. BusinessInsider.com has compiled a list of how much the executives and investors made from the IPO. Below is the list:
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Ted Leonsis is a former AOL executive that owns the NBA Washington Wizards. Leonsis is currently a Vice Chairman at Groupon Inc., but he is also an investor in competitor LivingSocial. Leonsis also has ties to LivingSocial’s board of directors. This could be a major conflict of interest.
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Clearspring Technologies is the parent company of AddThis, a widget that enables website visitors to share content. Clearspring has raised $20 million in a fourth round of funding, led by Institutional Venture Partners. Former AOL executive and director Ted Leonsis is the company’s chairman and Hooman Radfar is CEO. AddThis is installed on over 9 million websites and is used over 1 billion times per month. [MarketWire]
AOL co-founder and former CEO Steve Case and Revolution Money Chairman Ted Leonsis is raising a $400 million growth equity fund. Both were top execs at AOL in the 1990s and now they are making pitches in New York for a new investment vehicle called Revolution Growth. Revolution Growth will be a part of Steve Case’s company called Revolution. Former AOL executive Donn Davis will be the third partner in Revolution Growth. [AllThingsD]
SnagFilms is an online documentary video streaming service that was founded in 2008 by Ted Leonsis. SnagFilms has raised $10 million in funding from New Enterprise Associates, Comcast Interactive Capital, and Steve Case. SnagFilms will use the funding to expand their videos into fiction and to distribute their movies on more platforms.
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AOL co-founder Steve Case has come a long way since his days as running the dial-up giant. Case was started in 2007 as a payment network. Revolution Money is based in St. Petersburg, Florida. Today the company announced a $42 million round of funding. The Series C round was led by Goldman Sachs. Other investors that participated included Steve Case, Citigroup, Morgan Stanley, former AOL Vice Chairman Ted Leonsis, former Charles Schwab CEO David Pottruck, and JP Morgan Chairman David Golden.
The company previously raised $50 million Series B in September 2007. Thus far Revolution Money raised $92 million.
The idea behind Revolution Money is to lower credit card charges and other payment transfers. Merchants are charged an 0.5% transaction fee.
“It’s a vote of confidence from the insiders and we were able to bring in this affiliate of Goldman [a new investor],” stated Leonsis. “It’s such a big opportunity and big play. There hasn’t been a new entrant since PayPal, which was about a dozen years ago.”
Revolution Money’s two products are called RevolutionCard and RevolutionMoneyExchange. RevolutionCard is a credit card that charges the 0.5% per transaction which is compared to the 1.5% to 4% fee normally charged to traditional companies.
Revolution MoneyExchange is a P2P payment system that allows users to exchange money for free. MoneyExchange has about 400,000 registered users since the service started.