@blogdiva
My understanding of the article:
° An extremely faddish product
° Stock previously valued at a sky high $4bn USD
° Sales dropped to ZERO
° All stores closed
° Stock valuation 99% lost
° Sold off to a marketing coy
° Worthless brand name changed
° New owner handed $50Mn by 'unnamed investor' to buy GPU's for renting out in LLM use
My question is why would anybody with a cool 50 mill to blow do this when they could just register a coy and proceed anyway?
What hidden value did a defunct niche shoe coy provide for the totally unrelated biz of a marketing coy dipping its toe into renting out GPU's?
Hail Mary play by Allbird exec who had stashed some cash?
Convoluted insider trading/tax dodge?
Money laundering?
Pump'n dump? (most likely imho)
In the end the only net positive is the worthless stock price has surged. I'd be watching very closely who has a big stake and do they sell off shortly after numb nuts stock investors throw away good money on this.
#fascinating #dodgy