Former billionaire John Foley says he lost all his money and had to sell ‘almost everything’ after losing the Peloton CEO job

[Pelican Press 0]

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Former billionaire John Foley says he lost all his money and had to sell ‘almost everything’ after losing the Peloton CEO job

John Foley says losing his job as the CEO of Peloton cost him dearly.

Foley, once a billionaire, told the New York Post that he “had to sell almost everything.”

The

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has since gone through another CEO. Foley founded a rug company.

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is opening up about his financial difficulties after departing as the CEO of

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.

Foley, who cofounded Peloton in 2012 and was at the helm for a decade, recently

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after leaving the company.

“You know, at one point I had a lot of money on paper,” he said. “Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life.”

Foley was at one point a billionaire as business for the connected fitness company, which makes

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and treadmills, boomed during the pandemic. But the company overestimated demand as COVID-19 restrictions lifted, gyms reopened, and people started exercising outside of their homes again.

Foley sold a Manhattan townhouse and an East Hampton estate after stepping down.

“My family took it well,” he told the Post. “My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”

After leaving Peloton, he

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with two fellow Peloton cofounders, Hisao Kushi and Yony Feng.

“I’m working hard so that I can try to make money again … because I don’t have much left,” Foley told the Post. “And so I’m hungry and humble.”

Peloton has since cycled through another CEO,

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, and currently has two interim co-CEOs.

In its fourth-quarter earnings, the company showed progress in its turnaround efforts following the management shakeups, a major stock slump,

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, and a

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in recent years.

Foley did not immediately respond to a request for comment.

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