Allbirds rose to become one of the most well-known environmentally friendly shoe brands in the late 2010s. The company chose the corporate form of a public benefit corporation and recorded environmental protection as the company's mission. In US public benefit corporations, the tasks recorded in the articles of association are also legally binding on the company, meaning Allbirds was legally required to develop environmental protection in its operations.
The ethical shoe company's message worked excellently in the market, and the company was listed on the stock exchange in 2021. Unfortunately, the life after the IPO wasn't all that successful, as the company's stock price plummeted almost immediately after the IPO and never again rose close to its valuation level at the time of the IPO. The company's co-founder/CEO left the firm in 2024.
In March 2026, the company then made a perplexing decision and sold its entire shoe brand to AAmerican Exchange Group, which owns several fashion brands. After that, Allbirds remained listed on the stock exchange, but without any business operations.
Now the company has found new endeavors for itself.
The company announced yesterday that it is shifting to provide computing needs for AI companies - most likely operating data centers. Following the announcement, the company's stock price jumped 582 percent yesterday.
At the same time, the company announced it would change its name to NewBird and stated in a filing with authorities that it recommends the general meeting remove the clause in the articles of association referring to environmental protection.
The company's stock price fell about 30 percent from yesterday's highs today after US markets opened.
In March 2026, the company then made a perplexing decision and sold its entire shoe brand to AAmerican Exchange Group, which owns several fashion brands. After that, Allbirds remained listed on the stock exchange, but without any business operations.
Now the company has found new endeavors for itself.
The company announced yesterday that it is shifting to provide computing needs for AI companies - most likely operating data centers. Following the announcement, the company's stock price jumped 582 percent yesterday.
At the same time, the company announced it would change its name to NewBird and stated in a filing with authorities that it recommends the general meeting remove the clause in the articles of association referring to environmental protection.
The company's stock price fell about 30 percent from yesterday's highs today after US markets opened.
Tags:
Artificial Intelligence
