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.
(...) Foley was once worth $1.9 billion, according to Bloomberg, but left the company with a net worth of $225 million.
(...)
The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family.
Though Foley has lost much of his fortune, the ordeal has not extinguished his ambition. Within a year of resigning from the top job at Peloton, he had raised $25 million for his new venture, a direct-to-consumer rug company called Ernesta.
You know, my heart is not exactly bleeding for the guy. Nobody should even have a $55 million residence in the first place, fucking hell. Also, being left with only $225 million is hardly losing all your money, is it?
$225m only generates an extremely conservative $9m year in interest. I know I couldn’t live off such a pittance. Please have sympathy for this poor man.
"No member of my family through to my great grandchildren will need to work a day in their lives; I'm ruined."
Nobody should have 55m no matter what makes them worth that much
This is some asshat complaining that he isnt a billionaire anymore and how he is now humble and hungry to make it back there since his net worth is now only a lowly 225 million and he had to sell his 55 million dollar home. He is not pennyless selling his possessions he just had to downgrade his living style from wasteful worthless billionaire to the low level of a few hundred millionaire.
Don't worry everyone he started a direct sales rug company he thinks should get him back to 500 million. Fuck this article and that guy.
(in response to him selling the family home)
"My family took it well," the 53-year-old told the New York Post. "My wife's super supportive. My kids are probably better for it, if we're keeping it real."
Just another demonstration of how the Hedonic Treadmill effect means becoming a billionaire won't meaningfully improve your life compared to the negative impact you inflict upon all of society by taking millions of dollars of worker's and consumer's value from them!
So he drank too many lattes and didn't work hard enough. /s
all that avacado toast
He's fine. All he has to do is pull himself to by his bootstraps, cancel his Netflix account and he'll be back a billionaire in a year.
He's still buying avocado toast. He'll never financially recover.
His possessions included a $55 million house. Boo fucking hoo.
Within a year of resigning from the top job at Peloton, he had raised $25 million for his new venture, a direct-to-consumer rug company called Ernesta.
So he failed at one company massively and investors were dumb enough to throw $25 million at him for making fucking rugs?
You could say they got their rugs pulled!
I find it funny you posted this to Uplifting, that's just so... Lemmy.
Kind of inappropriate, technically, but made me laugh none the less.
Well, billionaires should not exist so the news was uplifting to me.
To be fair, I agree. I just think it's funny. If this was any other platform (like the one that starts with R), you only get fluff pieces that you see a million times and aren't even real news. Lol
It's uplifting because it is going to incentivive this titan of industry to create a new company to regain all his wealth. Think about how much wealth will trickle down when he makes another billion dollar company.
This is HORRIBLE! We need to TAX HOMELESS MOTHERS so we can give this JOB CREATOR some MONEY!
did he go broke because he had to pay for a subscription to Peloton?
"The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family. "My family took it well," the 53-year-old told the New York Post. "My wife's super supportive. My kids are probably better for it, if we're keeping it real."
Can we burn these fucking people for warmth?
correct community to post this in
the orphan crushing machine is running in reverse
is it possible to uncrush them?
Someone should buy him a Peloton for christmas
A used one that he still needs to pay to activate.
Can't afford the subscription :'(
I prefer my uplifting news without the schadenfreude.
Yeah I am not into uplifting news because somebody had to go down. I like news of socially conscious people doing good to people in need of uplifting.
He's still got millions, so it's not that bad.
Except the fact that his "down to millions" is a setback and not a planned reinvestment in the economy or something.
mumble mumble..."trickle down"... mumble ...My ass...
He just needs to stop buying that avocado toast and expensive coffee in the morning.
For how much he lost he must be buying avocado toasts with little diamonds in them, and then getting his teeth remade every day after they got destroyed by chewing the diamonds.
According to billionaires, he’ll easily return to his former glory by pulling himself up on those massive bootstraps we should all apparently be using.
Fun trivia... Pulling yourself up from your bootstraps is impossible and the phrase came from an 1800s physics textbook that asked why a person can't pull themselves up that way.
It somehow got twisted to mean that it should be possible with hard work.
And for the odd duck whom fortune smiles upon, they get to proudly say they pulled themselves up by their own bootstraps while glossing over the once in a century singleton event that carved their path for them to follow.
Ironically though bootstrapping is also now a term that means to install computer systems or fabrication hardware starting with the most basic tool then using that to create the next tool needed in the install process - going from a hammer to a laser cutter is a lot of steps but it's not impossible.
I always thought it was popularized by the guy who rode a cannon ball into battle and fought a giant crocodile - barron von munchausen, from where we get the name for people who fake medical conditions- but his claim was to have saved himself from drowning by pulling himself up by his own hair. I wonder if that 1785 book why boot straps were mentioned in the textbook you mention.
“If that shit worked for the Lorax, it’ll work for you!”
- Jeff Bezos maybe
What a coincidence. I too am a temporarily embarrassed billionaire! He should come to our meetings where we show you how to find a million dollars just by checking the couch cushions and working 148 concurrent jobs.
Avoid checking any couches that JD Vance may have been near.
Oh no. Anyway …
Hahahahahhahaha.
Yeeeeeessss.
a direct-to-consumer rug company called Ernesta
Ah... Another brilliant idea.
Man, I too could rough it with 225 million, maybe... someone should give that to me, to see if I can make ends meet! I'd like to try that experiment.
Weird. Armie Hammer has some story recently too about Poor Me All My Billions Are Gone.
I don’t believe anything a billionaire says cmon
Yeah, the thing is - I just don't get it. Like most people likely do, I have thought about what I'd do if I came into a large sum of money, maybe by selling a company, and honestly, the answer is, a relatively normal flat in the city I live in; some travel, but nothing 'luxury', just seeing places I find interesting; giving both to charities I find worthwhile, and my local community; and investing in a responsible way (fuck returns if you get them by investing in oil and weapons, one could argue that investor owned companies as such are a problem, but I'm probably not going to be able to solve that can of worms).
So the difference in my life would be having less financial stress, being able to give back more, and focusing more on family, friends, and hobbies, and I just couldn't imagine blowing through money like that man has.
It may be partially because I saw my father find incredible success, only to spend a lot of it on pointless luxuries before dying in incredible debt, but it also just feels like common sense.
I always say this to that kind of thinking : you will never be in that situation because you lack the sociopathy to get there. You care about your family and your community and you don't have the ability to step on people's head without feeling bad.
That wealth is incomprehensible to 99.99% of the people, and we are just trying to get by comfortably, so we can't imagine spending 55 millions on a home. That generational wealth right there for a damn home.
Yeah, I'd sort my life out then spend a load hiring people to work on useful things simply because I want them to exist, open source and creative commons things that exist for everyone.
It'd give me a sense of purpose and something to focus on, mostly things that should exist already like a really good and efficient small washing machine that can be made by any small fabrication company, easily repairable and upgradable so it's cheaper for people living in apartments than using overpriced coin op machines landlords often install in utility rooms.
There are so many ways of making actual positive differences in the world, if people with excess time and money worked on projects like this then everyone could live little better, meaning more people would be able to work on things and life would be better for everyone which would mean that people are less desperate and struggling so places would be safer and nicer which would mean there's more nice places to visit and people are happier so doing more interesting and fun things which means no one would need so much money to enjoy life in a way even billionaires can't afford now.
The good thing is we don't really need rich people because the workers always do all the actual work so by working together as a people we can donthings like create vast networks of informative videos helping each other fix our cars - an example which has already happened and greatly benefitted many people I know and myself.
The weird guy making videos of how to change spark plugs on am obscure old car and getting 40 views is doing far more towards making a better world than then greedy asshole that makes proprietary and subscription based exercise bikes no matter how much money he manages to hoard for himself.
🥑 🍞 🎻 😢
I was one of the retail investors in 2020 who quadrupled up in a couple months and then had the good sense to get out. How did the fucking CEO think that kind of growth was long-term sustainable?
They didn't but they also thought they could come out clean. Thinking you are better than the system you are working in it's fine as long as you are. He wasn't lol
Fucking richers
It's almost as if overpricing is bad for business, eventually.
Dude was never a billionaire to begin with. Peleton stock was vastly over valued by hype and was going to come crashing down sooner than later. Just another company that tried to sell itself as a tech company without making actual groundbreaking tech.
I could never figure out how they sold a bog standard exercise bike with a crap tablet attached to it, and people just the money at them.
Don't forget the death trap treadmill that got recalled because it sucked pets and small children underneath https://news.sky.com/story/stop-using-peloton-treadmills-if-you-have-children-or-pets-us-officials-warn-12278860
