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But any potential buyer can build his or her own and get the same level network effect. Bird doesn't have a network effect. You know this because you don't go out looking for a Bird. You go out looking for a scooter. Or you buy your own scooter. That's why Bird won't be bought, and why it's probably worth $100M max.

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It's not network effects that matter. It's economies of scale. Any company can go out and start putting scooters on the street. But if you want positive unit economics, which Bird now has for over 2/3 of its fleet, you need a huge infrastructure.

You can't book "any scooter" from a single app or website. You have to download the app. It's insanely expensive to build that install base.

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