Peloton’s former billionaire CEO says he’s lost all his money and had to sell his possessions
Peloton’s former billionaire CEO says he’s lost all his money and had to sell his possessions
“At one point I had a lot of money on paper,” says Peloton’s ex-CEO John Foley.
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Hahahahahhahaha.
Yeeeeeessss.
a direct-to-consumer rug company called Ernesta
Ah... Another brilliant idea.
Subscription stationary bikes was his golden goose remember. It’s a pretty horrendous notion, but they had brilliant marketing and a pandemic to ride.
I still can't believe people fell for that. The bike was like $2500+ and you had to pay for it monthly.
The real problem was that they achieved vendor lockin and thought that made them safe but couldn't offer anything even slightly unique that wasn't available free on other exercise bikes - or rather they could have but just didn't.
They wanted to offer the absolute lowest quality experience for the highest price and hoped that name recognition and advertisement would carry them.
...so just like a lot of companies hahaha