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Former Peloton chief executive John Foley says his fortune has dried up, two years after his departure from the high-end fitness company he co-founded.
"Oh I’m an open book," the former billionaire told The New York Post in an interview. "You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life."
John Foley, co-founder and then-CEO of Peloton Interactive Inc., stands for a photograph during the company’s initial public offering in front of the Nasdaq MarketSite in New York City on Thursday, Sept. 26, 2019. Foley oversaw the company’s meteoric
Foley co-founded Peloton in 2012 and oversaw its titanic rise to a $50 billion valuation at its peak during the pandemic lockdowns, but the firm struggled after people returned to their former workout habits and the company went through a series of public relations stumbles.
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Foley stepped down as CEO of Peloton in February 2022 and left his role as executive chair that September. However, by the end of that year, he told The Post, he had raised $25 million from venture capitalists for his new venture, New York City-based Ernesta, a made-to-order rug company.Ticker Security Last Change Change % PTON PELOTON INTERACTIVE INC. 4.82 -0.08 -1.63%
Peloton Interactive, Inc.
"I’m working hard so that I can try to make money again… because I don’t have much left," he joked to the outlet. "And so I’m hungry and humble."
PELOTON SALES RISE IN LATEST QUARTER, BUT WILL THE TURNAROUND PLAN CONTINUE?
The former Peloton chief said he still spends his summer weekends in the Hamptons, although he has downsized twice, including unloading his $55 million oceanfront estate in East Hampton.
"My family took it well," Foley told The Post. "My wife’s super supportive. My kids are probably better for it, if we’re keeping it real."
A Peloton corporate logo hangs on the front of their store in Santa Monica on April 10, 2023 in Los Angeles. (Gary Hershorn/Getty Images / Getty Images)
Several former Peloton executives have joined Foley at Ernesta, which he believes could make as much as $500 million in free cash flow by the end of the decade. He is optimistic about the future.
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"I think, potentially, the best days of John Foley are ahead of me," he told The Post. "I love a good underdog story."
