Another Joe Takes Reins at Allbirds; Latest on TikTok

We’re in one of those news cycles where everything makes way for one dominant story, which right now is TikTok. Don’t worry—if you’re not fascinated by the to-ban-or-not-to-ban debate, it will eventually fade from the headlines. But not just yet: Instead, over the next few days, TikTok will become an even bigger story, as the House of Representatives is scheduled to vote on the ban-or-sell bill on Wednesday. Read down for our summary of today’s TikTok developments.

Otherwise, let’s catch up with the latest episode of the Allbirds soap opera, the story of how a comfortable-shoe startup became a Silicon Valley–beloved consumer brand before falling from grace after its IPO. When we last checked in last spring, as the company was grappling with sales declines, one of Allbirds’ co-founders and co-CEOs, Tim Brown, had stepped down. In this week’s episode, the company’s other co-founder and co-CEO, Joey Zwillinger, is exiting after just 10 months as the sole occupant of the top job. Things didn’t improve under his watch. Allbirds’ revenue fell 14.5% in the most recent quarter and about the same for the entire year, the company said today. And this year, Allbirds projects, revenue will fall as much as 25%.