OT-ish Peloton temporarily halts production of bikes, treadmills

[AngryScientist]

Sounds like CEO material to me!

Here is Blackwell's list of grievances against Foley:

"Misleading Peloton investors that the Company did not need additional capital, just weeks before issuing $1 billion of equity

Vacillating on pricing strategy, leading to consumer, market and analyst confusion

Upending the product roadmap he himself authored, delaying rollouts and missing deadlines

Being initially reluctant to work with the Consumer Product Safety Commission despite selling a product that injured at least 29 children

Demonstrating a repeated inability to forecast consumer demand, churn, and product returns — to the point of removing related metrics from the Company’s public guidance

Committing to a 300,000-square-foot, 20-year lease for office space in New York City, the most expensive office and labor market in the country, seemingly because he enjoys living there (and owns a newly acquired $55 million vacation home nearby)

Making significant capital investments to expand manufacturing capability only to then shut down manufacturing for multiple products for many months

Failing to ensure that the Company had effective internal controls over financial reporting, leading to a warning from his auditors

Hiring his wife as a key executive

Leading a company that received the worst possible score for environmental disclosure and governance risk, and nearly the worst possible score for social and human rights disclosure, from a respected proxy advisory and governance firm."

[Shoeman]

Originally Posted by Clean39T

Looks like its been a classic IPO "pump n' dump" -- insiders make out like bandits, second-order investors and ETFs take it in the pants..

Rivian is another stock that got pumped & dumped with the high of $179. It closed today at $64 today. Buyer Beware!

[retrofit]

Amazon is exploring offer for Peloton, source says; report says Nike also weighing bid

Last week, Blackwells Capital called on the board of Peloton to remove CEO John Foley immediately, accusing him of deals that set high fixed costs and for holding on to excessive inventory, while misleading investors about the need to raise capital. (Peloton stock jumps as Blackwells pushes for CEO ouster, sale)

[pbarry]

Peloton’s future is uncertain after a swift fall from pandemic stardom.

https://www.nytimes.com/2022/02/08/b...-earnings.html

[Velocipede]

https://www.cleveland.com/business/2...fSvDnA-IzPPz6k

They made a huge deal over this facility. Oh well.

[unterhausen]

2800 workers and the CEO gone. How many workers did they have?

[glepore]

Stock up 28%. I love 'merica.

[Geemalar]

Showing almost 9000 employees in 2021……

[fiamme red]

Originally Posted by unterhausen

2800 workers and the CEO gone. How many workers did they have?

Poor guy. I hope he'll be able to make the payments on the $55 million house in the Hamptons that he just bought.

https://nypost.com/2021/12/16/peloto...ased-scrutiny/

Peloton chief executive John Foley has quietly snatched up a $55 million estate in East Hampton — even as employees of the exercise-bike company fret about their futures as its stock price tanks, The Post has learned.

Foley’s new 4-acre spread — which includes a 5-bedroom, 7-bath mansion designed by architect Francis Fleetwood that spans 6,100 square feet and straddles 400 feet of private oceanfront — got scooped up on Dec. 2, according to a little-noticed Instagram post by Catherin Juracich, a real estate agent at Douglas Elliman.

[peanutgallery]

Thank God

It was wacky from the beginning, now folks will move on...or back to the next fitness craze...like CrossFit

I was getting tired of delta cleats floating around

[Louis]

Sounds like the end is near:

https://www.nytimes.com/2022/02/08/b...-earnings.html

Peloton’s future is uncertain after a swift fall from pandemic stardom.

The chief executive stepped down as a glut of unsold machines, negative TV portrayals, activist investors and a recall plagued the fitness company.

[reuben]

Woop, wup, welp! With the parts for 10,000 bikes recently stolen, maybe Peloton sales will pick up for a while. Once the craigslist backlog works off...

[BobbyJones]

Isn't the Peloton story a simple case of:

"What the heck were you expecting to happen?"

[charliedid]

Originally Posted by BobbyJones

Isn't the Peloton story a simple case of:

"What the heck were you expecting to happen?"

I don't think anyone knew exactly what to expect. Unique company in a unique time. Peloton is not dead...

[Peter P.]

Originally Posted by BobbyJones

Isn't the Peloton story a simple case of:

"What the heck were you expecting to happen?"

YES. It was doomed from the start because that's the nature of fitness trends.