Nick Martell

It's Allbirds, the unofficial footwear of Silicon Valley.

You can't walk into Andreessen's office to raise money without a pair of the orange rare ones.

The VCs come to kick the tires, they're literally kicking the tires on your feet.

Besties, Allbirds is the only fashion that was worn by President Obama, Peter Thiel, and your ex who still works in finance.

Allbirds pairs well with a Warby Parker pair of glasses and a way suitcase and a Casper mattress.

It's part of the millennial uniform.

But Jack, the latest, let's dive in T-boy style to the numbers.

After IPO-ing five years ago at a $4 billion valuation, the stock fell 99%.

And Allbirds just sold for $39 million to American Exchange Group, a company that hoards other clothing companies.

American Exchange Group.

They own Ed Hardy, Jonathan Adler, Aerosols, and now Allbirds too.

Basically a closet of random fashion brands.

Oh, by the way, Jack, check in the balance sheet here.

Allbirds still has $43 million of shoe inventory.

You know what that means?

That means the company bought Allbirds for less than their book value.

Exactly.

So Yetis, Allbirds, they've gone from disrupting to dodoing.

They're not extinct yet, but they're certainly not flying anymore.

But now that Allbirds has been sold, we should eulogize what went wrong with a brand we love, and we should learn from it.