OT-ish Peloton temporarily halts production of bikes, treadmills

[Louis]

Originally Posted by LegendRider

One article says he still spends the weekends in the Hamptons, so...

Yeah, but it's probably just a 6000 ft^2 shack, so that doesn't really count.

[verticaldoug]

Originally Posted by benb

Apparently Foley walked away with $225 million so I'm not sure how that's losing everything.

More like winning big while being a business failure. Sounds great. Retire and be done with it all.

Their valuations were truly bonkers even if they'd been a "real" tech company with no marginal costs and massive margins.

The $225mm was for the NEXT CEO hired out of retirement from Spotify- McCarthy. His 'awarded pay package' was around there, but cash was 1.3mm. Almost all the award was in stock and options which don't vest unless the stock hits 38 where the package will be worth 225. So McCarthy leaves with way less because he was unsuccessful.

John Foley who was one of the founders and blew 1.9 billion may be worth your ridicule but he does not strike me as a bad guy. He was a true believer and did not sell shares when PTON was ridiculously overvalued.

If anyone deserves your scorn it is Goldman Sachs. They set Foley up as a ultra-high net worth client, then convinced him to post his shares as collateral so he could go on a buying spree. This is how he bought the massive place in the hamptons (which he sold at a loss.)

As far as I can see, the only shares which were sold were for margin calls from Goldman Sachs. They really wiped him out.

This is where you should all read 'Where are the Customer's yachts?'
https://books.google.co.uk/books/abo...AJ&redir_esc=y