Peloton bikes were a hit in spring 2020, as the COVID-19 pandemic shuttered gyms worldwide. Home-based fitness took off, and John Foley’s small company, with its networked exercise bikes and social media presence, took advantage, earning $2 billion a year in subscriptions. But, as Becky Peterson, Dakin Campbell and Kylie Robison report for Business Insider UK, the boom ended with COVID-19. To satisfy investors, Foley – who remains with the company – stepped down as CEO as new CEO Barry McCarthy took charge of Peloton. Will a tech or sports industry giant acquire Peloton or can the founder and the CEO save it? Foley has the grit and determination, and McCarthy the sound financial sense to pull it off.
About the Authors
Becky Peterson is a tech features correspondent; Dakin Campbell is Insider’s chief finance correspondent and reporter Kylie Robison covers software developers and their communities, tools, startups, and more at Insider’s cloud technology desk. Katie Warren contributed to this report.