John Foley is making headlines with his candid remarks about his financial struggles following his tenure as CEO of Peloton. Once a billionaire, Foley has faced immense challenges as a result of the company’s plummeting value. As he begins a new chapter in his life, curiosity grows regarding the extent of his financial losses. Here’s what Foley shared about his current situation.
In a recent interview, Foley discussed the significant shift in his financial status since departing from Peloton in 2022. Revealing the harsh realities, he stated, “Oh, I’m an open book. You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life.”
Foley’s financial struggles stem from substantial investments in Peloton, which saw its valuation plummet from $50 billion at its pandemic peak to just $1.2 billion earlier this month. While there’s been a slight recovery in the company’s stock price, Foley’s financial standing was severely impacted by the loss in value.
This year has been particularly challenging for Foley, who made significant lifestyle adjustments, including selling his Hamptons property for $51 million, resulting in a $4 million loss. He also sold a Manhattan townhouse for $35.5 million, indicating his urgent need to liquidate assets amidst his financial reality.
Looking towards the future, Foley is concentrating on his new venture, Ernesta, a New York-based home décor company. He has brought on several former Peloton executives to help drive the business, with aspirations to generate $500 million in free cash flow by the end of the decade. Despite the setbacks, Foley remains resolute, saying, “I’m working hard so that I can try to make money again… because I don’t have much left. And so I’m hungry and humble.”
Foley has also made notable changes in his personal life, including downsizing significantly by selling a $55 million East Hampton waterfront home. He reflects on these transitions, sharing, “My family took it well. My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”
