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Peloton Interactive was founded in January 2012. [5] "Peloton" is a cycling term, meaning a large group of riders bunched together. [6] The company raised $400,000 in seed money in February 2012 and another $3.5 million in December 2012. [7] Peloton sold its first bike on Kickstarter in 2013 with an early bird price tag of $1,500. [8]
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Foley co-founded Peloton in 2012. The company went public in 2019, and he had a net worth of approximately $1.9 billion in 2021. As Peloton began to experience financial difficulties related to the COVID-19 pandemic, his net worth declined to approximately $225 million in November 2022. [6]
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In its fiscal third-quarter report last month, Peloton said total revenue fell 4% from a year earlier to $717.7 million as sales of its connected fitness products dropped 14%. Meanwhile, members ...