Former Peloton CEO John Foley’s Shocking Revelation: How He Lost His Entire $1.9 Billion Fortune
John Foley, the former CEO of Peloton who once had a staggering $1.9 billion fortune, has revealed that he has lost all his money after his tenure at the exercise equipment company.
The 53-year-old American executive opened up about his brief stint as a billionaire during a candid interview with the New York Post, where he disclosed that he has been forced to sell nearly all his possessions since leaving the company.
“At one point, I had a lot of money on paper—not actually [in the bank], unfortunately,” he shared in the interview. “I’ve lost all my money. I’ve had to sell almost everything in my life.”
Foley, who co-founded Peloton in 2012, saw his wealth plummet from $1.9 billion at the company’s peak to $225 million by the time he stepped down as CEO in 2022, according to Bloomberg.
Peloton experienced a significant surge during the COVID-19 lockdowns when demand for at-home workouts skyrocketed. In 2020, Peloton’s stock surged by over 400%, and the company’s value soared to $50 billion.
However, overproduction, recalls, and other challenges caused the company’s value to fall sharply, dropping to around $1.7 billion despite a recent 40% increase in stock price.
One of the most significant blows to the company came in December 2021, when the popular series *Sex and the City* returned with its reboot *And Just Like That*. In the first episode, the character Mr. Big (played by Chris Noth) died of a heart attack after a 45-minute session on a Peloton bike, leading to an 11.5% plunge in the company’s shares.
“We were coming out of COVID, the stock was getting crushed… And then the Mr. Big thing happens… it was brutal,” Foley recounted.
Since leaving Peloton, Foley has shifted his focus to his new venture, Ernesta, a made-to-order rug company.
“I’m working hard to try to make money again… because I don’t have much left,” he joked, adding that he’s now “hungry and humble.”
“I think, potentially, the best days of John Foley are ahead of me,” he said. “I love a good underdog story.”
Discover more from Bbase
Subscribe to get the latest posts sent to your email.