John Foley talks about his financial difficulties after leaving his position as CEO of Peloton.
Foley, who co-founded Peloton in 2012 and led it for a decade, recently told the New York Post about his financial struggles after leaving the company.
“You know, I once had a lot of money on paper,” he said. “Unfortunately, not in reality (in the bank). I lost all my money. I had to sell almost everything in my life.”
Foley was once a billionaire when business at the connected fitness company, which makes exercise bikes and treadmills, boomed during the pandemic. But as COVID-19 restrictions were lifted, gyms reopened and people started exercising outside their homes again, the company overestimated demand.
After Foley resigned from his post, he sold both a Manhattan townhouse and an estate in East Hampton.
“My family has taken it well,” he told The Post about his departure from Peloton. “My wife is very supportive. My kids are probably better off if we stay honest.”
After leaving Peloton, he co-founded a direct-to-consumer rug company called Ernesta with two other Peloton co-founders, Hisao Kushi and Yony Feng.
“I’m working hard so I can make money again… because I don’t have much left,” he told the Post about his new venture. “And that’s why I’m hungry and humble.”
Peloton has since gone through a new CEO, Barry McCarthy, and currently has two interim co-CEOs.
However, the company showed progress in its efforts to turn around the situation in the fourth quarter, after management restructuring, a massive share price slump, several rounds of layoffs and a massive recall in recent years.
John Foley did not immediately respond to a request for comment.
