The former CEO of Pelotón once had a fortune of 1.9 billion dollars, but he had to adapt to another business.
John Foley was co-founder and CEO of the company Pelotóna company that sold stationary bicycles and other items for exercising at home. After the mandatory quarantine forced by the pandemic, this type of business grew exponentially, and this company became worth more than $50 billion.
At that time, John Foley He had a net worth of 1.9 billion dollars.but when the possibilities of going abroad again began to open, the company little by little lost its value and he lost 87% of his assets, which were, mostly, shares.
John Foley
How did John Foley go from being a billionaire to losing everything?
For the month of November 2021, Peloton stock value plummetedand the former CEO quickly lost his wealth, as well as his billionaire status. “At that time I had a lot of money, but in stocks, nothing in the bank and I have lost everything, I have had to sell almost everything in my life,” he told the New York Post.
And the company, which just 1 year earlier was worth $50 billion, had completely collapsed by the time he decided to resign, in February 2022. After resigning as CEO, his assets had been reduced by 87% and It went from having 1.9 billion dollars to only 225.
Since then, new CEO Barry McCarthy has laid off thousands of employees, raised fees and closed stores in an effort to stop the company’s nosedive, which today has a market value of $1.5 billion.
What is the former CEO of Pelotón doing to recover his fortune?
Despite the abrupt fall, John Foley did not give up, and today raised approximately 25 million dollars to invest in his new company Ernestamanufacturing and selling carpets. With this new venture he hopes to earn around 500 million dollars by 2030.
Source: Ambito
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