00:00From billionaire darling to total collapse, Allbirds, the eco-friendly wool sneaker brand
00:04loved by Silicon Valley, just sold for a shocking $39 million, once valued at over $4 billion after
00:10its 2021 initial public offering. Allbirds has now agreed to sell nearly all its assets
00:16and intellectual property to American Exchange Group, owner of Ed Hardy, for just $39 million.
00:23The company struggled with massive losses, falling sales, failed product expansions,
00:27and over-expansion. They closed almost all United States stores, revenue dropped sharply,
00:32and the stock crashed more than 99% from its peak. Shareholders still need to approve the deal,
00:38expected to close in the second quarter of 2026. The brand may continue under new owners,
00:43but this marks the end of Allbirds as an independent company. What a fall from grace.
00:47Could this happen to other hyped sustainable brands? Comment below with your thoughts.
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