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Once a Billionaire, Peloton’s John Foley Departs With 87% Wealth Lost

The company co-founder’s net worth has plunged to $225 million, lower than it was in March 2020.

Peloton shares are down 72% this year, including an 9% plunge on Tuesday.

Peloton shares are down 72% this year, including an 9% plunge on Tuesday.

Photographer: David Paul Morris/Bloomberg

First Peloton Interactive Inc.’s John Foley lost his billionaire status in November. Then he stepped down as chief executive officer in February, a position he held for a decade, though retained considerable influence at the company he co-founded.

Now he has exited entirely, with Peloton announcing this week that he’s resigning as executive chair as part of a larger shake-up to its leadership team. It caps a dramatic rise and just-as-spectacular fall at the in-home exercise company that quickly became a favorite among traders during the pandemic.