Why Impossible Foods CEO backs hot dog-eating legend Joey Chestnut
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#yahoofinance #impossiblefoods #joeychestnut #beyondmeat
The plant-based food industry burst onto the scene more than a decade ago as a battle emerged between then-new upstarts Beyond Meat (BYND) and Impossible Foods. Each company raced to secure deals with fast food giants such as McDonald’s (MCD) and Burger King. Beyond Meat had a glitzy IPO, while Impossible Foods continued to raise large sums of money at impressive valuations. Then, the COVID-19 pandemic hit and consumers began to rethink their commitment to meat alternatives as prices rose compared to traditional forms of meat. Since then, Beyond Meat’s stock has crashed and the privately held Impossible Foods hasn’t ruled out a sale to a larger food company. So, where does the future of the industry lie? In this episode of Opening Bid, Yahoo Finance Executive Editor Editor Brian Sozzi goes inside the future of the plant-based food industry with Impossible Foods CEO Peter McGuinness. McGuinness shares potential outcomes for his business and why he is backing hotdog-eating legend Joey Chestnut, who was banned from this year's Nathan's Hot Dog Eating Contest over his competing sponsorship with Impossible Foods.
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The plant-based food industry burst onto the scene more than a decade ago as a battle emerged between then-new upstarts Beyond Meat (BYND) and Impossible Foods. Each company raced to secure deals with fast food giants such as McDonald’s (MCD) and Burger King. Beyond Meat had a glitzy IPO, while Impossible Foods continued to raise large sums of money at impressive valuations. Then, the COVID-19 pandemic hit and consumers began to rethink their commitment to meat alternatives as prices rose compared to traditional forms of meat. Since then, Beyond Meat’s stock has crashed and the privately held Impossible Foods hasn’t ruled out a sale to a larger food company. So, where does the future of the industry lie? In this episode of Opening Bid, Yahoo Finance Executive Editor Editor Brian Sozzi goes inside the future of the plant-based food industry with Impossible Foods CEO Peter McGuinness. McGuinness shares potential outcomes for his business and why he is backing hotdog-eating legend Joey Chestnut, who was banned from this year's Nathan's Hot Dog Eating Contest over his competing sponsorship with Impossible Foods.
Yahoo Finance: Market Coverage, Stocks, & Business News
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: Twitter: YahooFinance
Instagram: https://www.instagram.com/yahoofinanc...
TikTok: https://www.tiktok.com/@yahoofinance?...
Facebook: Facebook: yahoofinance
LinkedIn: LinkedIn: yahoo-finance
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