Oh, brother. Did you hear the news about the maker of wool shoes AllBirds?
Having lost virtually their ENTIRE market cap, they have pivoted to………..AI. This silly announcement is having its intended effect of blasting the stock hundreds and hundreds of percent higher within minutes.
We’ve seen this movie before, people. Take a failing company, have it issue a press release with some hot buzzwords, and, voila, they’re hot as a two-dollar pistol.
I direct your attention to the former maker of iced tea and lemonade (Long Island Iced Tea Corp.) which did exactly the same stunt with Bitcoin about nine years ago. I’ve highlighted some salient portions.
I guess I don’t need to tell you what happened shortly thereafter.
I can’t imagine the mentality of someone buying BIRD at today’s price levels, but I’m sure it is no one among the thoughtful members of this community!
