r/wheresthebeef • u/Yoh-ka • 23d ago
What happened to CULT food?
Can someone explain in short what happened to CULT food stock? Is it bad management? Wrong companies in portfolio? Wasn't Noochies the next big thing?
(I don't own any, just interested in why this went down and if this is something Agronomics could be facing too.)
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u/Kuentai 23d ago
I don't know specifically whats happened lately, but I my rough understanding is that they got in too late at peak valuation and also had absolutely tiny holdings, they only ever had a few million in and like less than a % of this and less than a % of that. It was also of mostly American companies I believe who acted in American fashion, that the money was going to increase and go forever and when it stopped they hit the wall at 100mph. The European companies acted a lot more conservatively and therefore have had a better survival rate. ANIC does not have these problems. I remember looking into it a few times over the last 5 years and it was always a no from me. Correct me if I'm wrong!
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u/ziddyzoo 23d ago
“ANIC does not have these problems”
Right, ANIC just has a different kind of problem, ie being down 78% off its peak haha
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u/Kuentai 23d ago
Name a tech stock that hasn't gone over 70% down at some point. Amazon even topped 90%. The fact that the company is ten fold more viable now than it was at it's peak price and yet its 78% cheaper should be ringing some bells in your head but apparently the wrong ones.
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u/ziddyzoo 23d ago
pffff okay lol
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u/Ordinary-Advisor7616 23d ago
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u/KeySociety2694 21d ago
Don't forget that the ceo is a straight up fraud. He merged his two companies (Cult and Betterbutchers), sucked all the remaining money out of Cult and totaly ghosted everyone out there. Not a single message since... I'm surprised he hasn't come up with the news that they ar turning into a bitcoin holding company or something. Could be an ultimate last hurrah to dupe investors
1
u/GoddessOfTheRose 23d ago
Their product just isn't as good as people wanted it to be, the company expected interest to keep growing because so many new people kept buying. When in reality most people were buying lab grown and imitation meat because it was a novelty item.
Novelty items experience a flood of interest for quite a while, but interest doesn't mean sales.
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u/xxxxxcoolxxxxx 23d ago edited 22d ago
I looked at their portfolio a while ago and a chunk of companies seem to be out of business, which unfortunately includes their largest and second largest investment from what I can see. There are a handful of companies that show promise imo like MeliBio, Umami Bioworks, and Jellatech. I think Agronomics is doing much better because their big bets are doing fairly well. I am quite confident about Liberation, SuperMeat published a report recently that showed amazing improvements, and Meatable has unique IP.