Former
Peloton
CEO
John Foley
, once a billionaire during the company's pandemic-fueled boom, has revealed he's lost his fortune following his departure from the fitness tech giant.
"I've lost all my money. I've had to sell almost everything in my life," Foley told the New York Post in a recent interview. The 53-year-old entrepreneur, who co-founded Peloton in 2012, stepped down as CEO in February 2022 amid the company's post-pandemic struggles.
Foley's financial woes underscore the dramatic reversal of fortunes for Peloton, which saw its valuation soar to $50 billion during COVID-19 lockdowns before plummeting to around $1.7 billion recently.
Despite these setbacks, Foley remains resilient. "I'm not that angry or bitterâunless I've had a couple of whiskies," he told Fast Company, in an earlier interview.
"You know, at one point I had a lot of money on paper," Foley explained to the Post. "Not actually [in the bank], unfortunately."
The former tech mogul has downsized significantly, selling both his Manhattan townhouse and a $55 million
East Hampton
waterfront property. Despite these setbacks, Foley maintains a positive outlook.
"My family took it well. My wife's super supportive. My kids are probably better for it, if we're keeping it real," he said, according to the New York Post.
Foley has since launched Ernesta , a direct-to-consumer rug company, with fellow Peloton co-founders. "I'm working hard so that I can try to make money again... because I don't have much left," he told the Post. "And so I'm hungry and humble."
Foley defends his tenure at Peloton, stating, "I don't look back much. My crime, I guess, would be having trouble predicting demand coming out of COVID, and understanding when COVID was going to end. I think that's a pretty heavy lift for anybody."
However, Foley's approach with Ernesta differs from his Peloton days. He's wary of the public markets, saying, "I don't trust them to value a company properly." He would rather sell Ernesta to private equity than take it public.
He also addressed the controversy surrounding a lavish $1 million holiday party he hosted at the Plaza Hotel in 2021, calling the media coverage "completely unfair."
Despite his personal financial setbacks, Foley remains optimistic about his new venture. He told the New York Post that Ernesta could potentially generate $500 million in free cash flow by 2030, signalling his determination to rebuild his fortune in the home goods sector.
"I've lost all my money. I've had to sell almost everything in my life," Foley told the New York Post in a recent interview. The 53-year-old entrepreneur, who co-founded Peloton in 2012, stepped down as CEO in February 2022 amid the company's post-pandemic struggles.
Foley's financial woes underscore the dramatic reversal of fortunes for Peloton, which saw its valuation soar to $50 billion during COVID-19 lockdowns before plummeting to around $1.7 billion recently.
"You know, at one point I had a lot of money on paper," Foley explained to the Post. "Not actually [in the bank], unfortunately."
"My family took it well. My wife's super supportive. My kids are probably better for it, if we're keeping it real," he said, according to the New York Post.
Foley has since launched Ernesta , a direct-to-consumer rug company, with fellow Peloton co-founders. "I'm working hard so that I can try to make money again... because I don't have much left," he told the Post. "And so I'm hungry and humble."
Foley defends his tenure at Peloton, stating, "I don't look back much. My crime, I guess, would be having trouble predicting demand coming out of COVID, and understanding when COVID was going to end. I think that's a pretty heavy lift for anybody."
However, Foley's approach with Ernesta differs from his Peloton days. He's wary of the public markets, saying, "I don't trust them to value a company properly." He would rather sell Ernesta to private equity than take it public.
He also addressed the controversy surrounding a lavish $1 million holiday party he hosted at the Plaza Hotel in 2021, calling the media coverage "completely unfair."
Despite his personal financial setbacks, Foley remains optimistic about his new venture. He told the New York Post that Ernesta could potentially generate $500 million in free cash flow by 2030, signalling his determination to rebuild his fortune in the home goods sector.
