In September 2023, Bird was delisted from the NYSE after being valued at $12M. After a 1-for-25 reverse stock split, Bird wasn’t able to achieve a $15M market cap for 30 consecutive days. Bird peaked at a $3B market cap in the public market (in 2021) and $2.5B in the private market (in 2019). Over $5B in venture funding, of which $1.4B went to Bird, was invested into scooter startups. Bird overstated revenue for over two years after recognizing unpaid customer rides as revenue. The decline in ridership is due to increased competition from cheaper traditional bikes, an increase in working from home, and complaints from city residents.
