alt Hacker NewsIt's not really a pivot though, is it? As I understand it, the company went bust and sold their branding to a different company that wants to do AI infra.
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dawnerd • today at 4:49 PM
Didn’t even sell the branding since that got sold to the same company that buys up all sorts of brands. The ai “pivot” was a blatant last ditch effort to milk some of the stock. It’s nothing more than fraud.
kjkjadksj • today at 4:32 PM
Branding not used for its intended purpose is about as useful as calling your landscaping company four seasons.
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jgalt212 • today at 5:51 PM
why not Aibirds then, it's almost like Allbirds?
What I saw somewhere, don't know if it's true or a rumour, was that it was a wallstreet guy offering them $5M for if he could shift the strategy. So be bought a _lot_ of shares of the very cheap pre-pivot price, paid them $5M for the pivot, sold the shares at the now 600% stock increase. Netted a tidy profit after the $5M.
They didn't trade company fundamentals, they traded the market sentiment.