'People lost everything': Inside Peloton's rapid rise and bitter fall — and its attempt at a comeback under Barry McCarthy
Demand for Peloton's bikes skyrocketed far beyond its expectations, and it was seeing sudden growth it had initially hoped to experience over five to seven years. The company became a Wall Street darling and a household name.
Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company's IPO, Thursday, Sept. 26, 2019 in New York.During virtual all-hands meetings, Foley would tell staff the company's explosive growth was just the beginning and the stock price would reach $1,000 a share, three former employees said.
"There was a lot of blind trust ... We all were like, okay, let's go," recalled the former engineer. "They always had this blind optimism where they were like ... we're going all the way to the top."and spent whatever it took to get bikes delivered to homes. Field operators were offered thousands in hazard pay to keep delivering bikes through the pandemic's darkest days.
A Peloton stationary bike for sale at the company's showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.Demand for Peloton's equipment continued to explode as the pandemic trudged on. So did its stock, making some of its employees and executives suddenly very wealthy, at least on paper.
"The majority of us, we weren't naive to the fact that, especially in New York, there were people outside in refrigerated trucks because they didn't have enough room in the morgue, but at the same time, we're looking at our Morgan Stanley accounts and now we're all worth, you know, millions," said a former designer, whose net worth reached $5 million at the height of Peloton's success.
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