New York City, USA – Former Peloton CEO, John Foley, revealed in a recent interview with The New York Post that his once massive fortune has dwindled away just two years after leaving the high-end fitness company he helped establish. Foley openly discussed his financial struggles, admitting that he had lost all his wealth and was forced to sell off nearly all his possessions.
Foley, who played a crucial role in Peloton’s rapid ascent to a $50 billion valuation during the pandemic lockdowns, faced challenges as the company’s popularity waned when people reverted to their previous workout routines. After stepping down as CEO in 2022 and relinquishing his executive chair position later that year, Foley embarked on a new venture, Ernesta, a custom rug company based in New York City, for which he secured $25 million in funding from venture capitalists.
Despite his financial setbacks, Foley remains resilient and determined to rebuild his wealth. He shared his optimistic outlook for Ernesta, envisioning potential profits of up to $500 million in free cash flow by the end of the decade. Several former Peloton executives have also joined Foley at Ernesta, bolstering his confidence in the company’s future success.
Reflecting on his changed circumstances, Foley mentioned downsizing his lifestyle, including selling his $55 million oceanfront estate in East Hampton. Despite these challenges, he expressed gratitude for the support of his family, particularly his wife, who stood by him during these trying times.
Looking ahead, Foley remains hopeful and determined to overcome his current financial woes, emphasizing his unwavering commitment to rebuilding his wealth and achieving success with Ernesta. With a newfound sense of humility and hunger for success, Foley embraces the opportunity to rewrite his story as he navigates the uncertainties of entrepreneurship in a rapidly changing business landscape.