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Bird's public valuation tumbles to $120M

Megan Hernbroth
Data: Yahoo Finance; Chart: Axios Visuals
Data: Yahoo Finance; Chart: Axios Visuals

Bird, the e-scooter company once valued at $2.3 billion, has seen its public market value fall to $120 million.

Why it matters: Electric scooter companies are looking to be a flash in the pan when it comes to investor interest and consumer demand.

What's happening: Bird's stock fell to 48 cents on Friday.

  • Bird was acquired in November 2021 by Switchback II, a SPAC that was originally formed to buy an energy company.
  • The deal included a $160 million "PIPE" investment led by existing Bird investor Fidelity, plus a $40 million asset financing facility from Apollo Investment Corp. and MidCap Financial Trust.
  • Bird had raised nearly $1 billion in private funding, including a previously undisclosed $208 million infusion in April 2021 from Bracket Capital, Sequoia Capital and Valor Equity Partners.

Of note: In June, Bird's board ousted president Travis VanderZanden in favor of Shane Torchiana, following the public company's poor financial performance.

  • VanderZanden remains CEO of the company.
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