Activist investor wants Peloton to fire its CEO, pursue a sale

An activist investor wants Peloton Interactive Inc. to fire its chief executive and explore a sale after the stationary-bike maker’s stock plummeted more than 80% from its high, as growth slowed.

Blackwells Capital LLC has a significant stake of less than 5% in Peloton PTON, +11.73% and is preparing to push the company’s board to fire CEO John Foley and pursue a sale, according to people familiar with the matter. The firm believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, the people said.

Once a pandemic darling as homebound customers ordered its exercise equipment that pairs with virtual classes, Peloton’s stock is trading below its September 2019 initial public offering price of $29 a share. Peloton’s shares plunged 24% Thursday after a CNBC report that it was temporarily halting production of its products because of decreasing demand. Foley said in a subsequent letter to employees that Peloton is reviewing the size of its workforce and resetting production levels, as the company adapts to more seasonal demand for its equipment. He also said the report was incomplete.

Foley also said in a statement that day that the company is “taking significant corrective actions to improve our profitability outlook and optimize our costs” and would share more details with earnings Feb. 8. The company reported preliminary second-quarter revenue of $1.14 billion and said it ended the quarter with 2.77 million subscribers.Moms in middle age: Rarely alone, often online and increasingly lonely.

These investors sucks. When they lose they cry , when they make happy

Sounds like a hissy fit because they lost money

Maybe y’all should chill with the SoundCloud ads I can literally say word for word the advertisements…

Pursue a sale to Apple, they should. 👋

I have been seeing post everywhere. and a lot of people keep saying reach him and eventually it turned out to be legit platform, I invested $500 and received $4750 within 6 days trade with MichaelWeldon_

Oh well, should have bought more crypto.

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