Peloton bosses sold more than £360m worth of stock before fitness firm’s share price crashed
Bosses at exercise bike maker Peloton sold stock worth more than £360million before the share price crashed last year.
Chief executive John Foley and other executives offloaded millions of shares at prices over $100 before a profit warning triggered a plunge in November, US filings show.
The fitness company, whose bikes start at £1,350, had already taken a hit in May when it recalled all its treadmills in the US and the UK after a child died when he was dragged underneath the machine.
Peloton – whose flagship bikes start at £1,350 – had already taken a hit in May when it recalled all of its treadmills in the US and the UK after a child died when he was dragged underneath the machine.
It then had a high-profile setback in December when a lead character in Sex and the City, Mr Big, died after an intense Peloton workout in the first episode of the TV show’s reboot, And Just Like That.
Analysts said that it raised questions of whether ‘Peloton is losing degrees of control over its storytelling’.
Peloton released a spoof advert starring Mr Big actor Chris Noth, which was pulled when assault allegations against him emerged.
Peloton floated on the US Nasdaq in 2019.
Its shares have nosedived by almost 80 per cent in the past year. Last night its stock was worth $31.84.