Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
Billionaire actor and producer Tyler Perry describes his childhood as a “living hell.” As a young adult, he struggled to make money and was eventually “homeless” and “starving
Tyler Perry’s journey from a challenging childhood to a billionaire filmmaker is a testament to resilience. Raised in New Orleans amidst poverty and abuse, Perry found solace in his imagination. He vividly recalls his troubled upbringing as a “living hell,” marked by violence from his father. Struggling in his early adulthood, Perry faced homelessness and hunger.
Despite the hardships, Perry’s determination led him to success. Starting with odd jobs, he saved money to produce his first play, “Know I’ve Been Changed.” Living in his car for months, he eventually hit it big with the character Madea, grossing over $670 million in box office sales.
Now a billionaire, Perry owns a vast production empire, Tyler Perry Studios, surpassing even Warner Brothers in size. His success stems from owning everything associated with his studio. Perry’s down-to-earth life includes philanthropy, combating homelessness through The Perry Foundation, supporting charities, and providing relief after natural disasters.
Living in a $100 million mega-mansion in Atlanta, Perry remains grounded, driving a replica of his old car as a reminder of his journey. Despite his wealth, he continues to inspire and uplift others, emphasizing gratitude and perseverance.
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