Bird Global

Bird Global's 2023 bankruptcy ended the company that had pioneered electric scooter sharing, reaching a $2.5 billion valuation before collapsing to near-zero. The company deployed scooters in cities worldwide, charging per-minute fees for short trips. But the unit economics never worked—scooters were vandalized, stolen, damaged, and worn out faster than revenue could cover. The mechanism failure was unit economics ignoring real-world conditions. In theory, scooters could be ridden many times per day, generating revenue that exceeded costs. In practice, scooters were thrown in rivers, destroyed by vandals, hoarded by users, and worn out within months. Maintenance and replacement costs exceeded revenue from most deployed scooters. Bird also faced regulatory headwinds as cities imposed caps, fees, and restrictions on scooter deployment. The 'ask forgiveness not permission' strategy that enabled rapid growth also created regulatory backlash. Bird operated in a regulatory environment that was hardening against it. The company delisted from NYSE and filed bankruptcy after its stock fell from $8.40 to under 5 cents. The scooter sharing concept may survive through better-capitalized competitors, but Bird demonstrated that first-mover advantage means nothing without sustainable economics.