6 ms·
Allbirds announces pivot from shoes to AI, stock explodes 175%
- onychomys 7mo agoThey keep having to update the headline as the stock goes up, it's now at "more than 300%".
- frizlab 7mo agoNow 400%!
- skullone 7mo agoWhat a scam
- usui 7mo agoPets announces pivot from Pets to Pets.com, stock explodes 1000%
- SideburnsOfDoom 7mo agoAh, so we have reached the "Pivot to NFTs, stock jumps" phase of the ""Pivot to AI" bubble. https://www.forbes.com/sites/justinbirnbaum/2022/02/18/how-a-nft-pivot-turned-a-tiny-mobile-game-company-into-multi-billion-dollar-powerhouse-animoca-brands/ https://www.forbes.com/sites/justinbirnbaum/2022/02/18/how-a... https://www.fastcompany.com/90711340/whats-happening-with-gamestop-stock-jumps-on-news-of-nft-pivot https://www.fastcompany.com/90711340/whats-happening-with-ga... edit and of course https://news.ycombinator.com/item?id=47780223 https://news.ycombinator.com/item?id=47780223 https://en.wikipedia.org/wiki/Long_Blockchain_Corp https://en.wikipedia.org/wiki/Long_Blockchain_Corp.
- m4rtink 7mo agoSo not long any more for this bubble as well ? ;-)
- SideburnsOfDoom 7mo agoI am not the judge of that, but how this goes might be an indicator - i.e. over what timespan the pump, dump, crash of this stock plays out. PS: googling "allbirds bankrupt" shows that no, this company is not doing well. Lots of "What went wrong" articles, and https://wwd.com/footwear-news/shoe-industry-news/allbirds-ip-assets-brand-management-mergers-acquisitions-1238871771/ https://wwd.com/footwear-news/shoe-industry-news/allbirds-ip... https://www.businessoffashion.com/news/retail/allbirds-to-be-bought-by-american-exchange-for-39-million/ https://www.businessoffashion.com/news/retail/allbirds-to-be...
- fnimick 7mo agoClearly not a bubble, though!
- damnesian 7mo agoI tried suggesting this on a different forum and wow, did I get slapped down.
- mikeve 7mo agoThis appears to be almost like a SPAC. Allbirds had already sold it's IP and other assets, now they raised new money and are continuing under a different name but they're still a publicly traded company. So it's not really shoe retailer pivots to AI but a shoe retailer selling all assets and forming a new company but uses the previous public stock listing.
- kermatt 7mo agoSo just starting a new and completely different company, but using an old brand name from a completely different business?
- presbyterian 7mo agoThey're not even using the same brand name; they sold the Allbirds name and are now "Newbird AI". I guess it's just to stay on the exchange?
- garethsprice 7mo agoThis would be my bet - filing for an IPO or even direct listing is months of SEC review, audits, underwriters, due diligence, etc. A shell with an existing ticker gets you access to that sweet retail investor cash almost immediately, and with less of those pesky regulators asking if you actually have a functioning product or company. This is more akin to a reverse merger than a SPAC (eg. Berkshire Hathaway being a failing textile mill and WPP being a wire basket company) except it is unusual to see it happen within an existing leadership team. They sold off all their IP so figured they might as well use the shell to try and cash in on AI hype, I guess.
- Tadpole9181 7mo agoCan you explain to me how this isn't considered outright fraud? The SEC has rules specifically around the lifetime of a company / ticket in terms of things like inclusion in indexes and retirement accounts, right? How does allowing this not simply encourage a world of, basically, stock market karma farming: making bullshit barely company companies, just to sell the ticket so they can be used to engage in a pump and dump scheme with the little wealth the working class has left? This domain isn't exactly my forte...
- bl4ckneon 7mo agoReminds me of https://en.wikipedia.org/wiki/Long_Blockchain_Corp https://en.wikipedia.org/wiki/Long_Blockchain_Corp. That didn't end very well for them...
- al_borland 7mo agoThese moves never do.
- fanatic2pope 7mo agoOr "Linux Gold Corp". https://finance.yahoo.com/quote/LNXGF/ https://finance.yahoo.com/quote/LNXGF/
- eudamoniac 7mo agoIt's frustrating that Schwab does not allow me to buy puts for this symbol, and I haven't enabled margin for shorting because I always bought puts instead. Never seen a clearer short in my life.
- ProjectArcturis 7mo agoIt's not just Schwab, there aren't any options traded on BIRD. And shorting is not a guarantee. First you have to find a borrow, which if it's available probably costs >1000% annualized today. Then you have to be able to maintain that borrow, even if BIRD doubles from here. Based on the price action today, this seems like a short squeeze.
- eudamoniac 7mo agoYes, I understand the basics of shorts.
- ProjectArcturis 7mo agoSure didn't seem like it.
- eudamoniac 7mo agoI would have closed already and made huge profits, so I guess I was right. Weird series of replies here.
- killingtime74 7mo agoJust use the new way which is starting a market on polymarket
- whalesalad 7mo ago700%*
- ChrisArchitect 7mo agoMore discussion on announcement: https://news.ycombinator.com/item?id=47778038 https://news.ycombinator.com/item?id=47778038
- epc 7mo agoAh, yes, the Zapata Petroleum -> zap.com phase of the bubble.
- holtkam2 7mo agoSomeone tell me if my idea is dumb: You know how adding ".ai" to your company name / domain name increases your valuation an order of magnitude or whatever? Well has anyone tried chaining .ai's to their company name...??? For example could x.ai increase their valuation another 5-10x by renaming themselves x.ai.ai? What about perplexity.ai.ai.ai? Seems like a low-hanging fruit for increasing valuation / attention on your company, but let me know if I'm missing something.
- xg15 7mo agoai.ai is still free!
- shibapuppie 7mo agoI can't hearrrrrr youuuu. Ai.ai captain!
- edu 7mo agoThing Ai^Ai. It might break the market.
- apparent 7mo agoSeems weird the new name is singular ("Newbird AI") when the old name is plural. Wonder how they chose that. I can't imagine "Newbirds AI" was taken!
- killingtime74 7mo agoYou have already thought longer about the name than they have
- therobots927 7mo agoThere was a highly anomalous spike in volume around April 1st in the stock: https://marketchameleon.com/Overview/BIRD/Summary/ https://marketchameleon.com/Overview/BIRD/Summary/ Oddly enough it barely moved the price at the time. I think it’s fair to say that this is a highly suspicious sequence of events.
- SkyLinx 7mo ago[dead]
- SMAAART 7mo agoI smell a shareholders' class action lawsuit. Wait for it.
- killingtime74 7mo agoPeak AI (bubble)