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Peloton Takes Quick Ride From Pandemic Stardom to Layoff Woes

  • Struggling company plans to reset production levels, cut jobs
  • CEO disputes report that Peloton idled factories to save money
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WATCH: Peloton shares plummeted on a report that it’s temporarily halting production of bikes and treadmills. Abigail Doolittle shares the details.Source: Bloomberg
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A year ago this week, Peloton Interactive Inc. was the darling of the pandemic. 

The stock hit an all-time high in January 2021 -- sending its market value near $50 billion -- after stuck-at-home consumers flooded the company with orders. Peloton had recently introduced a new exercise bike and was preparing a push into more affordable treadmills. Its fitness instructors had become celebrities, pulling in annual compensation of half a million dollars in some cases.