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Courtesy of Jawbone

Consumer hardware company Jawbone is being liquidated, according to The Information. The San Francisco-based company, which once was valued at $3.2 billion by private investors, has hired Sherwood Partners to handle the wind-down process and assume its ongoing litigation with rival FitBit.

Jawbone 2.0: Co-founder and CEO Hosain Rahman reportedly has formed a new company, named Jawbone Health Hub, that has hired many of Jawbone's employees and will take over servicing Jawbone's products. BlackRock, which loaned Jawbone $300 million in 2015, has a stake in the new company. No other existing Jawbone investor has a stake in the new startup, with one telling Axios that his firm has been kept in the dark.

Growing problems: Over the past couple years, Jawbone has faced many challenges, including lawsuits from FitBit and Flex, layoffs, and struggles to pay its bills. Last year, it sought to sell off its speaker business and sold the remaining inventory of its fitness bands to a third party seller, according to one report.

Backstory: Founded in 1999, Jawbone made its name selling Bluetooth cellphone headsets and hip portable speakers, later shifting to health trackers. It had raised more than $580 million in funding from top investors like Khosla Ventures, Mayfield Fund, Andreessen Horowitz, Sequoia Capital, and Kleiner Perkins.

Go deeper

Ben Geman, author of Generate
25 mins ago - Energy & Environment

What we’re watching during the final countdown to COP26

Illustration: Eniola Odetunde/Axios

This is shaping up as a critical week for climate policy in the U.S. and worldwide.

Driving the news: Democrats are in the final stages of trying to craft the big social spending and climate package they're trying to move on a thread-the-needle party-line vote.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.

Facebook's pivotal week

Illustration: Aïda Amer/Axios

They're battening down the hatches at Facebook headquarters this week as the company faces a trifecta of tumult: a continuing wave of negative press coverage fueled by document leaks, a critical earnings report Monday and a reported name change looming.

The big picture: All this is unfolding as Mark Zuckerberg tries to transform Facebook from a social network into the prime mover behind a new "metaverse" of VR- and AR-driven remote work and play.