Bad News for Al Gore’s Quest to Be the First Fake Meat Billionaire: Beyond Meat stock falls after conclusion of McDonald’s McPlant test
The fast-food giant confirmed to CNBC Thursday that the McPlant test concluded as planned. Neither McDonald’s nor Beyond Meat has announced any plans for additional testing or a nationwide launch.
Beyond’s stock has fallen 53% this year, dragging its market value down to $2.06 billion. Wall Street has become skeptical over the company’s long-term growth opportunities as grocery sales lag. Moreover, buzzy partnerships with restaurant giants like Pizza Hut owner Yum Brands and McDonald’s haven’t progressed to many permanent nationwide menu offerings yet.
McDonald’s first tested the meat-free burger in eight restaurants in the U.S. in November to understand how the menu item would impact its kitchens. In mid-February, it rolled the McPlant out to roughly 600 locations to learn more about consumer demand for the menu item.