Allbirds Sells Shoe Business and Pivots to AI with NewBird AI
Allbirds has sold its shoe business for $39 million and is rebranding as NewBird AI, an AI-native cloud solutions provider. The company has secured a $50 million investment from an undisclosed institutional investor and plans to seek shareholder approval for the transition. The pivot aims to capitalize on the AI sector, though the move is seen as risky.
Topics: AI Company Pivot Investment Rebranding Stockholder Approval