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March 2021: Peloton warns parents to keep children away from Tread+ treadmills after six-year-old dies after being pulled under one of the treadmills
May 2021: Platoon recalls running machines after reports of at least 72 other injuries. Class action lawsuits are filed against the company
June 2021: Firm is accused of greed after disabling the ‘Just Run’ feature on Tread+, which allows users to run for free, instead forcing them to pay $39. Brought back the free option after a protest
August 2021: Peloton cuts cost of its entry-level bike by $400 as sales growth slows
Nov 2021: Peloton reports that sales of its products are down 17 percent in the most recent quarter, with the smallest increase in subscribers since its IPO in September 2019. That saw Peloton’s market cap fall by $8 billion and John Foley lost his billionaire status.
Dec 2021: Mr. Big – played by Chris Noth – dies of a heart attack after using a Platoon in the Sex and the City reboot And Just Like That. Shares continue to fall. Days later, Peloton is credited for producing an ad in which the revived character makes fun of the stationary bike. But it’s forced to pull the acclaimed commercial after Noth is hit by multiple sexual assault claims, which he denies
Firm hit by new scandal after John Foley throws lavish Christmas party for select employees after annual bash was canceled for regular staff
Chris Noth, who plays Mr Big in Sex and the City, dies of a heart attack after using his Peloton
January 2022: Leaked audio shows plans to lay off 41% of sales and marketing teams. The stock price plunges further after it was revealed that bicycle and treadmill production would slow due to falling demand.
Calls for Foley to be fired.
The PR gets even worse when another TV character is nearly killed by a heart attack after a Peloton session. Showtime’s hit series Billions used the bikes to scare Mike Wagner, played by David Costabile, in its season six premiere. He survives, declaring that he will not die ‘like Mr. Big’
Mike Wagner, played by David Costabile, is featured in the Season 6 premiere of Showtime’s Billions having a heart attack after riding a Peloton bike
February 2022: Peloton executives are said to have devised a plan to hide rust and corrosion on their high-end bikes with a chemical solution.
When staff noticed the paint peeling off some machines last year, the company reportedly started using a chemical solution that disguised corrosion on the bikes by “reacting with the rust to form a black film,” the report said. Financial times.
May 2022: Peloton’s shares plunged nearly 90 percent last year after company executives revealed it lost as much as $750 million in the previous quarter due to unsold inventory and rising costs.
The company lost $757.1 million for the three months of 2022, which equates to approximately $2.27 per share. And when taking one-off items out of the equation, a Zacks Investment Research study found it lost 98 cents a share — more than forecasts of a loss per share of 85 cents.
August 2022: The company announces it will cut 784 jobs, raise equipment prices, close retail locations and require employees to return to the office by November as they try to secure their profits.
Peloton reports a huge loss of $1.2 billion, the sixth straight quarter of reported losses, which plunged the stock 15 percent.