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Peloton’s former billionaire CEO says he’s lost all his money and had to sell his possessions
(finance.yahoo.com)
this post was submitted on 28 Aug 2024
430 points (92.5% liked)
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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
World's smallest violin plays quietly
It's almost as if overpricing is bad for business, eventually.
Womp womp
I'm not sure if i prefer this or catastrophic implosion
pretty much the future of every kickstarter product turned business that got skyrocketed to instant fame, with all subsequent investors being predatory VC funds and/or Shark Tank types (that doesn't get a unicorn buyout from deep pockets)
Original kickstarter from 2013 where 297 backers pledged $307,332 to help bring this project to life
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