Billionaire to Bust: Peloton's Former CEO Reveals Devastating Financial Loss

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Peloton co-founder John Foley disclosed that he almost lost all his wealth after departing from the exercise equipment company in 2022.

In an interview with the New York Post, the former CEO shared how his status as a billionaire was fleeting, as his wealth was predominantly linked to the company.

“At one time, I had considerable wealth on paper, but unfortunately, not in my bank account,” the 52-year-old revealed. “I’ve lost all my money and had to sell nearly everything I owned.”

According to the Wall Street Journal, Foley sold a Manhattan townhouse for $35.5 million earlier this year after losing $4 million on the sale of his Hamptons home in 2023.

Since leaving, Foley has focused his energies on founding Ernesta, a home décor business in New York that offers personalized and custom rugs for sale online. He’s brought on board a number of former Peloton executives for the project, which he thinks will generate $500 million in free cash flow by the end of the decade, according to the Post…Read More-https://voiceofentrepreneur.life/