How the man behind Peloton went from billionaire boom to bust

finance
Created 8/30/2024
Updated 8/30/2024

John Foley, once a billionaire and CEO of Peloton, saw his fortune vanish as the company's value plummeted from USD58bn to USD1.74bn. Peloton thrived during the pandemic, with high demand for its at-home fitness bikes, but struggled with production delays, safety issues, and negative publicity. As gyms reopened, Peloton's appeal waned, leading to excess stock and canceled subscriptions. Foley left Peloton, sold his properties, and started a new business, but remains financially better off than most. Similar pandemic success stories like Zoom and Etsy also saw dramatic rises and falls. Foley's experience underscores the volatility of market fortunes, especially during unprecedented events like Covid-19.

Original Article


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