The Epically Bad Decision By StubHub’s Cofounder To Buy His Company Back | Forbes

On Thanksgiving Eve 2019 Eric Baker celebrated his company, Viagogo, buying its larger rival StubHub from eBay for $4.05 billion. It was a tale, for Baker, of triumph and revenge. He had cofounded StubHub at the Stanford Graduate School of Business; then his cofounder kicked him out, spurring him to covertly launch Viagogo overseas. November’s announcement offered Baker a shot at redemption.

Three months later, on February 13, 2020, the deal closed. Baker, 47, whose company had paid with a combination of $2 billion in debt and $2 billion in cash, had created a global colossus that sold millions of event tickets last year, bringing in $1.5 billion in combined annual revenue. His 23% stake in the new firm put him close to becoming a billionaire.

Then came the pandemic.

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[ProfessionalTycoons]

Element of luck is so important when it comes to business

[rdpll]

This company shouldn't be able to exist. It's a racket

[ibuzzy]

This company has the shadiest customer service, essentially non-existent.

[Je.rone_]

Sounds like p.. wait a second let's keep it pg

[farzana]

The story still not over. It might rebound in 6 months and be back at full force.

[anarki]

It was partially his own fault. He should have postponed the deal when news of covid-19 surfaced.