"he has already cashed out more than $300 million of Groupon stock as the company sold shares to outside investors" This money should have been spent on fundin

"he has already cashed out more than $300 million of Groupon stock as the company sold shares to outside investors" This money should have been spent on funding Groupon, hiring people, improving their tech, infrastructure, etc. Have there been other companies in the past where someone cashed out $300 million and is then using an IPO with the guise of raising money for the company?