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Former Peloton CEO John Foley says his fortune has dried up, two years after he left the high-end fitness company he co-founded.
“I’m an open book,” the former billionaire told the New York Post in an interview. “You know, at one point I had a lot of money on paper. Not really (in the bank), unfortunately. I lost all my money. I had to sell almost everything I had in my life.”
John Foley, co-founder and then-CEO of Peloton Interactive Inc., poses for a photo during the company’s initial public offering in front of the Nasdaq MarketSite in New York on Thursday, Sept. 26, 2019. Foley oversaw the company’s meteoric growth
Foley co-founded Peloton in 2012 and oversaw its titanic rise to a $50 billion valuation at its peak during pandemic lockdowns, but the company struggled after people returned to their old workout habits and the company suffered a series of public relations missteps.
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Foley stepped down as Peloton’s CEO in February 2022 and stepped down as executive chairman in September of that year. However, by the end of that year, he told the Post, he had raised $25 million from venture capitalists for his new company, Ernesta, a custom-made mat company based in New York City.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 4.85 | -0.05 | -1.02% |
Peloton Interactive, Inc.
“I’m working hard to try to make money again… because I don’t have much left,” he joked to the outlet. “So I’m hungry and humble.”
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The former Peloton chief said he still spends his summer weekends in the Hamptons, though he has downsized twice, including getting rid of his $55 million beachfront estate in East Hampton.
“My family has taken it well,” Foley told the Post. “My wife is very supportive. My kids are probably better off, if we’re realistic.”
A Peloton company logo hangs on the front of their store in Santa Monica on April 10, 2023 in Los Angeles. (Gary Hershorn/Getty Images / Getty Images)
Several former Peloton executives have joined Foley at Ernesta, which he says could generate as much as $500 million in free cash flow by the end of the decade. He’s optimistic about the future.
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“I think John Foley’s best days may be ahead of me,” he told the Post. “I love a good underdog story.”
