Former Peloton billionaire CEO, JOHN FOLEY 'loses all his money'

Wednesday, August 28, 2024 -Former Pelton CEO, John Foley, who once boasted a $US1.9 billion fortune, has revealed he has lost all of his money following his time at the exercise equipment company.

The 53-year-old American business executive opened up about his brief stint as a billionaire in a candid interview with the New York Post, revealing he’s been forced to sell almost all of his possessions after leaving the company.

“You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately,” he told the publication in a candid interview.

“I’ve lost all my money. I’ve had to sell almost everything in my life.”

 Mr Foley, who co-founded Peloton in 2012, saw his wealth drop from $US1.9 billion at the company’s peak to $US225 million by the time he stepped down as CEO in 2022, according to Bloomberg.

 The exercise company had earlier hit a high during Covid lockdown, when demand for at-home workouts increased.

In 2020, Peloton stock rose by over 400 per cent and the company's value climbed to $US50 billion ($A74 billion).

 But after overproduction, recalls and other issues, the company’s value has fallen to about $1.7 billion, following a 40 per cent boost in stock price reported this week.

Peloton took a “brutal” hit in December 2021 when popular series Sex And The City returned with the shocking death of a major character in its reboot And Just Like That.

At the end of the first episode of the series, Mr Big (played by Chris Noth) collapsed and died of a heart attack shortly after a 45-minute session on a Peloton exercise bike.

 Following the episode, shares plunged by 11.5 per cent.

“We were coming out of Covid. The stock was getting crushed … And then the Mr. Big thing happens … it was brutal,” Mr Foley said.

Since leaving the company, Mr Foley has turned his focus to his own made-to-order rug company, Ernesta.

“I’m working hard so that I can try to make money again … because I don’t have much left,” he joked, adding he was “hungry and humble”.

“I think, potentially, the best days of John Foley are ahead of me,” he said. “I love a good underdog story.”