Former billionaire and ex-Peloton CEO John Foley reveals he’s lost ‘all of his money’

The ex-CEO of an exercise equipment company has revealed he’s lost all of his money and has been forced to sell “almost everything”.

Former Pelton CEO John Foley, who once boasted a $US1.9 billion ($A2.8 billion) fortune, has revealed he has lost all of his money following his time at the exercise equipment company.

The 53-year-old opened up about his brief stint as a billionaire in a candid interview with the New York Post, revealing he’s been forced to sell almost all of his possessions after leaving the company whose high-end bikes became popular during Covid lockdown.

“You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately,” he told the publication in a candid interview.

“I’ve lost all my money. I’ve had to sell almost everything in my life.”

Former Peloton CEO and co-founder John Foley said he has lost all of his money. Picture: Kimberly White/Getty Images for TechCrunch

Mr Foley, who co-founded Peloton in 2012, saw his wealth drop from $US1.9 billion ($A2.8 billion) at the company’s peak to $US225 million ($A331 million) by the time he stepped down as CEO in 2022, according to Bloomberg.

The exercise company had earlier hit a high during Covid lockdown, when demand for at-home workouts increased.

In 2020, Peloton stock rose by over 400 per cent and the company's value climbed to $US50 billion ($A74 billion).

But after overproduction, recalls and other issues, the company’s value has fallen to about $1.7 billion ($A2.5 billion), following a 40 per cent boost in stock price reported this week.

Demand for Peloton bikes climbed during lockdown. Picture: Getty/AFP

Peloton took a “brutal” hit in December 2021 when popular series Sex And The City returned with the shocking death of a major character in its reboot And Just Like That.

At the end of the first episode of the series, Mr Big (played by Chris Noth) collapsed and died of a heart attack shortly after a 45-minute session on a Peloton exercise bike.

Following the episode, shares plunged by 11.5 per cent.

“We were coming out of Covid. The stock was getting crushed … And then the Mr. Big thing happens … it was brutal,” Mr Foley said.

Mr Big (Chris Noth) had a heart attack after riding his Peloton bike.

Since leaving the company, Mr Foley has turned his focus to his own made-to-order rug company, Ernesta.

“I’m working hard so that I can try to make money again … because I don’t have much left,” he joked, adding he was “hungry and humble”.

Foley is poised to make the climb again.

“I think, potentially, the best days of John Foley are ahead of me,” he said. “I love a good underdog story.”

In May, Peloton CEO Barry McCarthy stepped down from his role as the company announced it would cut 15 per cent of its workforce to reduce costs.

“Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue,” Mr McCarthy said at the time, before noting the company was now “on the right path”.

“You have a GREAT lead team, and although the stock market hasn’t recognised this yet, they will. It’s simply a matter of time.”

Originally published as Former billionaire and ex-Peloton CEO John Foley reveals he’s lost ‘all of his money’