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.
Wealthy Heir Humiliates Beggar Outside Luxury Hotel, Finds His Bank Account Drained Next Morning
Peter was raised in luxury, being the only son of a wealthy hotel owner.
Unfortunately, his privileged upbringing turned him into an arrogant young man who believed himself superior to others.
One afternoon, Peter entered his father’s grand hotel and was welcomed by Jenny, a new employee. She politely asked if he’d like a welcome drink.
“Don’t you know who I am?” Peter scoffed. “I only drink a special blend prepared just for me.”
Unaware of his preferences — since she had only been working at the hotel for a week — Jenny apologized and went to the kitchen to prepare his drink.
Peter then approached his father’s assistant, Marcus. True to his nature, Peter mocked him.
“Why the long face, Marcus? How do you expect to work in hospitality when you can’t even manage a smile?”
Marcus responded respectfully, apologizing for appearing tired.
“Soon I’ll be running this place,” Peter boasted. “When that happens, there won’t be room for excuses.”
Without waiting for a reply, Peter walked into his father’s office.
There, Mr. Greenwood advised his son to treat everyone with respect, reminding him that every person in the hotel, no matter their role, contributed to its success. But Peter brushed off the advice and asked his father to consider retiring and letting him take over the business.
Seeing Peter’s impatience and arrogance, Mr. Greenwood proposed a challenge instead: five businessmen from different countries would be visiting the hotel, and Peter’s task was to ensure their stay was flawless.
Feeling confident, Peter settled into his father’s office chair, bragging to a friend on the phone about being in charge for the day. However, his call was interrupted by the sound of someone singing loudly outside.
Looking out the window, Peter saw a homeless man singing on the sidewalk near the hotel entrance. Furious that such a scene might tarnish the hotel’s image, he rushed out to confront the man.
“What do you think you’re doing here, singing in front of my hotel?” Peter snapped. “Soon, important guests will be arriving, and I don’t want them seeing you here. Leave immediately!”
At that moment, Marcus stepped in, offering the homeless man $500 to find food and shelter for the night, hoping to de-escalate the situation.
The man accepted the money gratefully and left, while Marcus reminded Peter that their first guest was about to arrive.
The businessmen arrived and were soon enjoying their stay. Their praise for the hotel’s food and service gave Peter a sense of accomplishment. But his relief was short-lived.
Later that evening, the same homeless man returned, this time wanting to use the $500 to rent a room for the night. Peter reluctantly agreed but instructed staff to place him in a room far from the guests.
Yet, Peter remained determined to drive the man away. When Mr. Roberts, one of the businessmen, reported that his valuable family heirloom watch was missing from the restroom, Peter saw an opportunity.
He sneakily planted the watch in the homeless man’s room, then informed the police that he had seen the man acting suspiciously.
The police searched the room, found the watch, and questioned the homeless man. Calmly, the man denied any involvement, expressing surprise at the situation but agreeing to cooperate with the authorities.
The next morning, Peter was feeling triumphant — until his father entered the room with news that would shake him.
Expecting praise, Peter was instead told to check his bank account. To his shock, his multi-million-dollar account balance had dwindled to a single dollar.
His father revealed the truth — the homeless man Peter had insulted and framed was Mr. Greenwood himself, disguised to test Peter’s character.
“You may have handled the guests well,” Mr. Greenwood said sternly, “but you failed to uphold the values that matter most: respect, integrity, and compassion.”
As Peter left the hotel, burdened by the weight of his actions, he realized that true leadership wasn’t about wealth or status — it was about character, humility, and treating everyone with dignity.
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