The core facts check out—Allbirds agreed to sell for $39 million to American Exchange Group, and the IPO was valued at over $4 billion back in 2021. But the post oversimplifies by comparing the IPO valuation (one day of trading, heavily inflated by hype) to the sale price. The real story: the company raised $348M in the IPO, lost money for years, and shareholders are actually getting a modest recovery—the stock was trading at $2.98 before the sale announcement, so the $39M deal is slightly above market price. It's a catastrophic failure for early investors, but not quite the "9-to-1 instant wipeout" the post implies.