Peloton's shares plummet, making its CEO, John Foley, billionaire no more.
equipment and subscription-based workout routines, saw its shares plummet 24 per cent on Thursday. On the next day, it is reported that Foley’s overall net worth dropped to less than US$1 billion, essentially taking him off the billionaire list after first appearing in April this year with a net worth of US$1.5 billion.The company had reported a net loss of US$376 million for a three-month period that ended on September 30 with revenues of US$805 million. Its subscriber growth is also slowing.
This means that demand for home-based services is expected to fall just like what is seen with Peloton. Other companies that thrived during the height of the pandemic for offering similar services also faced a drop in demand like online teleconferencing company Zoom, online education platform Chegg and online TV platform Roku.
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