Bird Scooters: From High-flying Valuation to Bankruptcy
Bird Global, once valued at $2 billion, has filed for Chapter 11 bankruptcy after facing financial challenges exacerbated by the COVID-19 pandemic. The company, known for its rentable electric scooters, saw a decline in ridership during the pandemic and was delisted from the New York Stock Exchange for failing to maintain its market cap. Behind the scenes, Bird outsourced logistics to contractors, leading to issues with stolen or abused scooters. Additionally, problems with the design of Bird's second-generation scooter, including a flawed hydraulic brake, caused further complications. The story provides insights from former fleet managers who shed light on the challenges faced by the company.