Wealth
Peloton Founder Goes From Kickstarter to a $450 Million Fortune
- John Foley launched the company after crowd-sourcing campaign
- Chase Coleman’s Tiger Global Management is biggest shareholder
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Peloton Interactive Inc. started making its indoor exercise bike after raising $307,332 in a 2013 crowd-funding campaign. It now aims to raise $1.1 billion in an initial public offering.
The company’s rapid rise to become one of the most sought-after brands in fitness is poised to give co-founder John Foley a net worth of about $450 million, making him the latest in a string of entrepreneurs to profit from the exercise industry. Others include Lululemon Athletica Inc. founder Chip Wilson, Italy’s Nerio Alessandri, the creator of Technogym SpA, and Under Armour Inc.’s Kevin Plank.