Comment by root_axis
2 hours ago
It's not really a pivot though, is it? As I understand it, the company went bust and sold their branding to a different company that wants to do AI infra.
2 hours ago
It's not really a pivot though, is it? As I understand it, the company went bust and sold their branding to a different company that wants to do AI infra.
What I saw somewhere, don't know if it's true or a rumour, was that it was a wallstreet guy offering them $5M for if he could shift the strategy. So be bought a _lot_ of shares of the very cheap pre-pivot price, paid them $5M for the pivot, sold the shares at the now 600% stock increase. Netted a tidy profit after the $5M.
They didn't trade company fundamentals, they traded the market sentiment.
a.k.a. textbook bubble behavior
Didn’t even sell the branding since that got sold to the same company that buys up all sorts of brands. The ai “pivot” was a blatant last ditch effort to milk some of the stock. It’s nothing more than fraud.
why not Aibirds then, it's almost like Allbirds?
Branding not used for its intended purpose is about as useful as calling your landscaping company four seasons.
To be clear, everything about Allbirds including the brand name and other IP was sold off. The shoe store will continue operating (unless or perhaps until the new owners choose to shut it down) under the name "Allbirds"; the public company doing AI infra with the stock ticker BIRD will be named "NewBird AI".