Fake Meat is Failing as Beyond Meat Forced to Cut 19% of Workforce
By Jesse Smith
The attempt to reengineer people’s eating habits is not going according to plan as plant-based meat company Beyond Meat is hemorrhaging from declining sales and stock market losses. This comes on the heels of layoffs announced earlier this month by Impossible Foods, another major player in the fake meat industry. The U.S. branch of JBS, the largest meat processing company in the world, completely shuttered Planterra, its plant-based meat line in September.
A recent TechCrunch article provides more detail on the Beyond Meat layoffs,
The company cited declining sales and said the layoffs are “based on cost-reduction initiatives intended to reduce operating expenses…and target cash flow positive operations within the second half of 2023.”
Beyond Meat expects the cuts to be completed by the end of the year.
Company shares, which opened Friday on the Nasdaq already 87% down from its 52-week high, fell even further in mid-morning trading following the layoff news. The stock hit a 52-week low of $12.76 earlier in the week, last trading around $13.95, which puts the company’s market value below $900 million.
As part of the job cuts, the company said the role of chief growth officer/North America president was eliminated. Deanna Jurgens, who held that role, will leave the company on October 17.
In addition, chief financial officer Philip Hardin notified the company that he would be stepping down October 12 “to pursue another opportunity.” Lubi Kutua, who was previously Beyond Meat’s vice president of financial planning, analysis and investor relations, was appointed by the board to serve in that role, effective October 13.
Though many have tried plant-based meat products, it seems the novelty has worn off as poor taste proves to be a leader factor in why people do not continue to purchase it. The downward trend in sales at Beyond Meat and other leading plant-based meat companies seems to indicate that people have largely rejected the globalist plan to transition the population away from animal proteins.
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Even Bill Gates, an early investor in Impossible Foods and Beyond Meat, has backed away from forcing people into eating fake meat, saying:
Anyone who says that we will tell people to stop eating meat, or stop wanting to have a nice house, and we’ll just basically change human desires, I think that that’s too difficult.
Take that for what it’s worth as Gates is still heavily invested in the bioengineered food industry and owns the most farmland in the U.S.
Beyond Meat has tried to blame the downward trend in sales and demand on rising inflation, but this may just be a cover for a long stretch of financial issues issues the company has faced over the past few years. In fact, Nasdaq contributor Timothy Green believes the reasons lie elsewhere, stating:
But the problem of competition isn’t going away, and it’s hard to say whether demand for plant-based meat will rebound during better economic times. It’s possible that plant-based meat was a fad all along.
Here’s to hoping he is correct on that last statement. As many continue to fight against the destruction of the farming industry, as well as the push to eat insects and lab-grown meat, the whole reset agenda to destroy animal agriculture and completely transform our food system may fall flat on its face.
Source: Truth Unmuted