Peloton’s former CEO has revealed that he has ‘lost all his money’ and has been forced to sell his possessions.
HOW THE DOWNTURN HAPPENED
While Americans were trapped at home during the Covid lockdowns, Peloton bikes become a hot luxury commodity. Sales rose by 250 percent in the first quarter of 2020 and the company’s stock surged 400 percent over the course of the same year.
But with the relaxing of lockdown measures, Peloton fell from grace, wiping out much of its former-billionaire founder’s wealth in the process.
And then came a shock storyline in the Sex and the City reboot in 2021 which caused the company’s stock to plummet further.
‘I’ve lost all my money. I’ve had to sell almost everything in my life,’ John Foley, who co-founded Peloton in 2012, told the New York Post.
‘You know, at one point I had a lot of money on paper,’ the businessman lamented.
‘Not actually [in the bank], unfortunately,’ he explained.
READ ALSO – Spencer Matthews COMPLETES epic desert challenge: 30 desert marathons in 30 consecutive days
Foley was worth $1.9 billion at Peloton’s peak, but his personal fortune slipped to $225 million by the time he stepped down as CEO in February 2022, according to Bloomberg.
Foley’s overnight billionaire status was lost by November 2021 but things took a turn for the worse just before Christmas of that year.
The first episode of the Sex and the City reboot And Just Like That featured a storyline in which one of the main characters, Mr. Big, suffers a heart attack while riding his Peloton.
