"I had to sell everything," John Foley admitted, his voice tinged with a mix of resignation and determination. The man who once stood at the pinnacle of the fitness industry as the co-founder and CEO of Peloton, a company valued at $50 billion during the height of the pandemic, now faces a reality far removed from his billionaire status.
During the Covid-19 lockdown, Peloton became a household name as people scrambled to stay fit within the confines of their homes. The surge in demand catapulted Foley into the ranks of the ultra-wealthy. But as the world slowly returned to normalcy, Peloton's value plummeted, dropping to a mere $1.7 billion, leaving Foley to grapple with the stark contrast between his past fortune and his present financial struggle.
In 2022, Foley was forced to step down as CEO, a move that marked the beginning of his personal and financial decline. "All my money is gone," he revealed in a candid interview with the New York Post. The wealth that once seemed limitless was, in Foley's words, merely "on paper." His reality was far grimmer—Foley had to part with his cherished properties, selling his Manhattan townhouse and an East Hampton estate for $55 million.
Yet, amid the financial turmoil, Foley remains resilient. He credits his family, especially his wife, for helping him navigate this challenging chapter. Despite his losses, Foley has not given up. He’s already launched a new venture, Ernesta, a consumer rug company, and is determined to rebuild his wealth. "I’m working very hard so that I can make money again," he says, a testament to his enduring entrepreneurial spirit.
John Foley’s story is a powerful reminder of the unpredictability of success and the importance of resilience in the face of adversity.
