SCOOP: Condé Nast folds titles.
And an editor-in-chief is leaving the building.
Good morning, everyone. What do you think it means that in the gift bags from a dinner that Claude hosted last night, they gave us these Met museum hats? A cultured man’s AI…
I’m writing today’s letter from an Amtrak to Boston. This is my last trip out of the city until Monday, which is when I’m going to London for a week. Maybe I’ll even do some London editions of Feed Me. If you have a fun story/store/stout/local piece of gossip that I should cover, please reply to this email.
Today’s email includes: Changes at Condé Nast, a reason to avoid gossiping in Midtown today, Morning Brew’s new vertical launching next month, and news for those of you who are wearing a Pepsi Rolex right now (at the office? really?).
Have a story you want me to look into this week? Reply to this email or text the anonymous Feed Me Tip Line: (646) 494-3916
It’s not safe to discuss your corporate secrets at Greenacre Park (the most soundproof park in Midtown) today. The roaring waterfall that usually acts as white noise over the conversations of suited men is going under maintenance.
Allbirds, which was once valued at over $4 billion, is pivoting from sneakers to AI. A move Jim Cramer called “ridiculous.” Because they sold their brand and shoe “assets” but not the equity of the company, the stock is still listed as an almost useless shell company. In this situation, you will often see penny stocks claim they are “pivoting” to the hottest market sector, in an effort to “pump” the stock. (Over the last decade, this list included 3D printing, cannabis, crypto, and now AI). When investor David Einhorn was asked about the Allbirds pivot at Terms-Eccles’ Tax Day event last night, he chuckled and said something along the lines of “they can punt if they want to.”