Former Peloton billionaire CEO reveals he’s ‘lost all his money’

Peloton’s former CEO has revealed he has “lost all his money” and has been forced to sell his assets.

While Americans were stuck at home during Covid lockdowns, Peloton bikes became a sought-after luxury product, with sales soaring 250 percent in the first quarter of 2020 and the company’s stock soaring 400 percent over the course of the year.

But as lockdown measures eased, Peloton fell into disrepute and much of the former billionaire founder’s fortune was wiped out.

And then a shocking storyline came along in the 2021 Sex and the City reboot, sending the company’s stock plummeting even further.

“I lost all my money. I had to sell almost everything in my life,” said 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 complained.

‘Not really [in the bank]“Unfortunately,” he explained.

According to Bloomberg, Foley was worth $1.9 billion at Peloton’s peak, but his personal wealth had fallen to $225 million when he stepped down as CEO in February 2022.

Foley lost his billionaire status in November 2021, but the situation turned around 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 out for a ride in his Peloton.

“We came out of Covid. The stocks were crushed. And then the Mr. Big thing happened… it was brutal,” Foley recalled.

“We really thought we were doing something special for the world. We really cared about our members. We cared about our shareholders, we cared about our employees.

“And suddenly we were being trolled… everything fell apart,” he said.

Peloton laid off another 400 workers earlier this summer and continues to close its physical stores to cut costs.

Foley was forced to cut back on his spending, including the $55 million sale of his East Hampton waterfront estate.

“My family took it well,” the 53-year-old told the Post. “My wife is very supportive. My kids are probably better off, if we’re being realistic.”

Peloton’s reputation took a hit after the first episode of And Just Like aired

Peloton bikes became a sought-after luxury item during pandemic lockdowns

The company has since closed many of its physical stores to cut costs

Foley’s new venture is a carpet company called Ernesta, which he hopes will revive his fortunes.

“I work hard so I can earn money again… because I don’t have much left,” he said.

And he adds, “So I am hungry and humble.”

Peloton is still trying to regain its shine from the pandemic, but lost yet another CEO in May, just two years after his appointment.

Despite recent revenue gains, the market cap now stands at $1.8 billion, down more than 90 percent from its 2021 peak.