Beyond Meat, Facebook, Natixis: Read the latest updates to Corona Capital for insights on the pandemic’s corporate and financial fallout.
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.Shares of Beyond Meat jumped 23% to just over $123 on Wednesday after the plant-based meat maker reported a surprise profit for the first quarter. The $7.6 billion company on Tuesday said first-quarter net income was $1.8 million, compared with estimates of a $4.7 million loss, according to Refinitiv data.
But it is dicey for Facebook. The body is funded by a $130 million trust established by the firm, raising questions about its autonomy. Liberals and conservatives alike have accused the company of favoring the other’s interests. The board’s binding decisions could also spark accusations of bias. Others have seemed tone deaf. Shared-scooter outfit Bird fired 400 employees in a quick Zoom meeting. The boss of travel startup Sonder told the New York Times that people who want to be “coddled” shouldn’t work at startups, which require a “high adversity quotient.” That’s after laying off or furloughing one-third of Sonder’s workforce. The Bay Area’s tight technology community will surely remember Chesky’s class – and other startup bosses’ lack of it. .
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