Nextdoor Board Considers CEO Change or Sale; Stock Value at $1.72, CEO Change Confirmed
Nextdoor's board is considering replacing CEO Sarah Friar with co-founder Nirav Tolia or selling the company due to financial struggles. The company's stock opened at $13.01 during IPO but is now valued at $1.72, prompting discussions on a potential CEO change or sale. CEO Sarah Friar will step down and be replaced by co-founder Nirav Tolia, confirming earlier reports. The board is evaluating options to revive the company, which is currently described as a 'zombie stock' with its equity valued slightly above its cash on hand.
Sources
Trace Cohen
“Nextdoor today confirmed that its co-founder, Nirav Tolia, will return as CEO after a steep stock decline over the past two years.” The SPAC is down 80% but up off the bottom. Bringing back the founder! https://t.co/ElunpjngLv
daily.dev 🎉 Congratulations to our new source, @Nextdoor 🔗 https://t.co/b358Ekda7E https://t.co/JL2hKe5iMo
Suleman "Suli" Ali "Now is best time ever to take All Birds private." That was my first thought when I saw it's market cap was $140m, now I'm not so sure. For context, AllBirds was worth $4b at IPO in November 2021. My first thought: In 2023, Allbirds did ~$240m in revenue and lost ~$125m.… https://t.co/ZA9HG0ezCQ
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