Former Peloton billionaire CEO reveals he's 'lost all his money'

Former Peloton billionaire CEO reveals he's 'lost all his money' READ MORE: Peloton CEO stepping down ahead of company-wide layoffs By Alice Wright For Dailymail.Com Published: 19:35 BST, 27 August 2024 | Updated: 19:38 BST, 27 August 2024 e-mail 3 View comments Peloton 's former CEO has revealed that he has 'lost all his money' and has been forced to sell his possessions. While Americans were trapped at home during the Covid lockdowns, Peloton bikes become a hot luxury commodity.

Sales rose by 250 percent in the first quarter of 2020 and the company's stock surged 400 percent over the course of the same year. But with the relaxing of lockdown measures, Peloton fell from grace, wiping out much of its former-billionaire founder's wealth in the process. And then came a shock storyline in the Sex and the City reboot in 2021 which caused the company's stock to plummet further.

'I've lost all my money. I've had to sell almost everything in my life,' John Foley , who co-founded Peloton in 2012, told the New York Post . Former CEO John Foley co-founded Peloton in 2012 but left in February 2022 Read More Star Peloton instructor Cody Rigsby reveals he was hired because he has 'a cute face' - as he's is sued over man's death 'You know, at one point I had a lot of money on paper,' the businessman lamented.

'Not actually [in the bank], unfortunately,' he explained. Foley was worth $1.9 billion at Peloton's peak, but his personal fortune slipped to $225 million by the time he stepped down.