Allbirds abandons sustainable footwear to pivot toward AI infrastructure, securing $50M in convertible financing and rebranding as NewBird AI.

Allbirds has sold off its core shoe business and is repositioning itself as an AI-focused company

The company secured a $50M convertible financing facility to fund the transition

The company is rebranding under the new name NewBird AI to reflect its strategic shift

This marks a dramatic departure from Allbirds' original mission of sustainable, eco-friendly footwear