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☆ Here's how much money you'd have lost if you invested $1,000 in Peloton when it went public
  + stars: | 2024-05-03 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +2 min
As the company searches for a new CEO, Peloton Chairperson Karen Boone and Peloton Director Chris Bruzzo will serve as interim co-CEOs. How much you'd have if you invested $1,000 in PelotonPeloton has come a long way from when the company was founded in 2012. If you had invested $1,000 in Peloton in 2019, 2021 or 2023, here's how much it would be worth now. CNBC's calculations are based on the company's May 2 closing share price of $3.13. And if you had invested $1,000 in Peloton in 2019 when it first went public, your investment would have decreased by about 89% and be worth about $108 as of May 2.
Persons: it's, Barry McCarthy, John Foley, He'll, Karen Boone, Chris Bruzzo Organizations: Interactive Locations: New York
☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
  + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +9 min
In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.
Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep
☆ Peloton's CEO steps down as the company cuts 15% of staff
  + stars: | 2024-05-02 | by ( Grace Dean | ) www.businessinsider.com   time to read: +2 min
Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday. After reaching new highs during the pandemic, the company has recalled products, laid off workers, and seen sales and its stock tank. McCarthy replaced John Foley as Peloton CEO and president in February 2022. But since then, the company has recalled products, laid off thousands of workers, and seen sales and its stock tank. It posted a net loss for the quarter of $167.3 million, down from $275.9 million for the same quarter in 2023.
Persons: Barry McCarthy, —, McCarthy, John Foley, Karen Boone, Chris Bruzzo Organizations: Service Locations: Ohio
☆ How Peloton went from a pandemic-era success story worth $50 billion to laying off more than 4,000 workers and losing 3 top execs in a month
  + stars: | 2022-09-26 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +14 min
Peloton's stock has been trading well below the IPO price of $29 per share, at one point dropping as low as $8.22. Prior to founding Peloton, Foley was president at Barnes & Noble, overseeing its e-commerce business. "I would say that it took about five years for the really smart money to start getting involved," Foley told Insider in 2018. The ad, featuring a woman whose husband gifts her a Peloton bike for Christmas, was viewed as being sexist and playing into outdated standards of beauty. Public outrage over the ad sent Peloton's stock plunging 9%, wiping out $942 million in market value in a single day.
☆ How Peloton went from a pandemic-era success story worth $50 billion to laying off more than 4,000 workers and losing 4 top execs in a month
  + stars: | 2022-09-26 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +14 min
Peloton's stock has been trading well below the IPO price of $29 per share, at one point dropping as low as $8.22. Prior to founding Peloton, Foley was president at Barnes & Noble, overseeing its e-commerce business. "I would say that it took about five years for the really smart money to start getting involved," Foley told Insider in 2018. The ad, featuring a woman whose husband gifts her a Peloton bike for Christmas, was viewed as being sexist and playing into outdated standards of beauty. Public outrage over the ad sent Peloton's stock plunging 9%, wiping out $942 million in market value in a single day.
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