Rebrand as NewBird AI sent shares up 582% in bizarre and rapid turnaround for firm that had fallen on hard times<\/p>\n
Allbirds, the maker of minimalist wool sneakers beloved by Silicon Valley, announced on Wednesday that it is leaving shoes behind and pivoting to artificial intelligence. The new focus and rebrand as \u201cNewBird AI\u201d sent the company\u2019s stock up 582% as of mid-day during a flurry of trading.<\/p>\n
The surging stock price and new direction is a bizarre, rapid turnaround for a company that had fallen into disrepair in recent years. Once valued at $4bn, Allbirds\u2019 shares had lost 99% of their worth since 2021 and earlier this month the company announced plans for a $39m sale<\/a> to brand management firm American Exchange Company.<\/p>\n Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Rebrand as NewBird AI sent shares up 582% in bizarre and rapid turnaround for firm that had fallen on hard times Allbirds, the maker of minimalist wool sneakers beloved by Silicon Valley, announced on Wednesday that it is leaving shoes behind and pivoting to artificial intelligence. The new focus and rebrand as \u201cNewBird AI\u201d sent … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-71839","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/71839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=71839"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/71839\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=71839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=71839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=71839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}