Ex-Peloton CEO John Foley has opened up about how he sold "almost everything in his life" following the crash of the fitness company.
Peloton boomed during the Covid-19 pandemic when the company was estimated to be worth $50 million. Following the ease of lockdown measures, the company crashed and a recent valuation reported the company to be worth $1.5 million according to the New York Post.
© Matt WinkelmeyerHe told the New York Post: "Oh, I'm an open book. You know, at one point I had a lot of money on paper—not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life."
John also explained that in 2021, Peloton was a plot point in the Sex and the City reboot And Just Like That. In the show, Mr. Big suffers a heart attack while riding a Peloton bike.
© Alli Harvey"We were coming out of COVID. The stock was getting crushed. There was a leaker [who told the press about pending layoffs] [...] And then the Mr. Big thing happened … it was brutal.
"We really did think we were doing something special for the world. We really did care about our members. We cared about our shareholders, and we cared about our employees. "And all of a sudden, we were just being trolled… everything was collapsing," he said.
Talking about how his wife and kids adjusted to the shift in lifestyle, he said: "My family took it well. My wife’s super supportive. My kids are probably better for it, if we’re keeping it real."
Since leaving the company, John has ventured into interior design, launching his new company, Ernesta.
Of the new venture, he said: "I'm working hard so that I can try to make money again," jokingly adding, "Because I don’t have much left, so I’m hungry and humble."
