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Wild news week, Bird overstates revenue, Chinese startups look to rebrand + WLITF | E1613
This Week in Startups
Bird Shares Are Down 97%. That's an Actual Flat Line
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Bird shares are down 97%. Market cap is $73.6 million. I think the issue here is the cost of these scooters and the maintenance of them and the utilization of them, the unit economics just never worked. And so we suspended disbelief in unit economics and we thought everything was an Uber. You can do that for four bucks on a bird, you know, Uber and Lyft are charging 12. Why wouldn't people take this? This is going to steal the micro mobility market was going to kill Uber and Lyft.
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