Max Corona explores the rise and fall of Groupon, tracing its origins from a social activism platform to a discount giant that peaked at a $13 billion valuation in 2011. The episode analyzes how aggressive expansion, unsustainable merchant commissions, and an inability to retain customers led to a rapid decline. It highlights Groupon’s current struggles, including annual losses and tax evasion issues in Italy, serving as a cautionary tale about building business models on perpetual discounts.