Hit by Big Loss, Bird Seeks $300M in New Funds
Bird scooters is a completely unviable business. It lacks revenues during the rain and winter and when it's dark. One user using it for an hour completely drains the battery and it's unusable until someone picks it up and charges it. It needs to be redistributed every night to popular locations which causes even more cost. As well, damage to electric scooters is almost at a sport-like level now.The only way they can make it more cost beneficial is if they charge less if the rider drops off their scooters at a charging station and higher costs if they just dump the scooter anywhere. But that is more costs for Bird.Second is if they franchise out the business to "entrepreneurs" that handle things for them and they just concentrate on the app. But that's not a multi-billion dollar business.There is no path where Bird becomes a viable business that grows into its absurd valuation.