Former Peloton CEO John Foley
Peloton CEO John Foley lost his fortune after stepping down as CEO.
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John Foley founded Peloton in 2012. As its top executive, he received hefty paychecks, including over $21 million in 2019.During his tenure, Peloton became a household name as sales of its pricey equipment boomed amid the COVID-19 pandemic. The company said it earned $757.9 million in revenue in the first fiscal quarter of 2021.Revenue jumped to $1 billion later that year, but several hurdles would slow down Peloton’s momentum at the end of 2021 into 2022.Peloton struggled to meet demand due to issues in the supply chain, leading to delays, cancellations, and consumer complaints of broken equipment. Consumers also began to ditch Peloton after COVID-19 lockdown restrictions eased and gyms reopened.Though Foley managed to become a billionaire while heading Peloton, he lost that status in 2021 after stock prices slumped. He stepped down as CEO in 2022.Foley told the New York Post last month that he nearly lost everything.”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,” he told the outlet.Foley said he’s had to downsize, which included selling his $55 million waterfront home in East Hampton. He now serves as CEO of Ernesta, a direct-to-consumer rug company.”I’m working hard so that I can try to make money again… because I don’t have much left,” he joked. “And so I’m hungry and humble.”
