Although no longer a billionaire, John Foley’s net worth is still incredible. In this piece, we’ll explore his personal finances, examine how much he’s currently worth, as well as take a look at his personal life and the various controversies that surround him.
Who is John Foley?
John Foley is an American business executive best known for co-founding Peloton (NASDAQ: PTON), the fitness equipment company, in 2012. He served as Peloton’s CEO until February 2022 and later stepped down as chairman in September 2022. Under his leadership, Peloton became extremely popular, especially during the COVID-19 pandemic, when demand for at-home fitness solutions surged.
However, after the pandemic, Peloton’s stock value plummeted, significantly impacting Foley’s wealth. Once a billionaire, he revealed that he lost most of his money and had to sell many of his possessions. Despite these setbacks, Foley has remained optimistic and has since founded a new venture, Ernesta, a direct-to-consumer rug company.
John Foley’s net worth
John Foley’s net worth has fluctuated significantly over the past few years. According to Bloomberg, at his peak, he was worth around $1.9 billion due to Peloton’s success during the COVID-19 pandemic. However, after stepping down from Peloton, his net worth dropped to approximately $225 million, according to Yahoo!.
How did John Foley make his money?
Here’s a brief overview of how John Foley made his fortune:
- Peloton’s growth: Foley pitched the idea of an interactive exercise bike in 2011 and co-founded Peloton in 2012. The company saw massive growth during the pandemic, with its stock rising by more than 400%;
- Stock value: As Peloton’s CEO, Foley’s wealth was largely tied to the company’s stock.
Controversies
John Foley faced several controversies during his Peloton tenure. One major incident was a lavish $1 million holiday party he hosted at the Plaza Hotel in 2021, which drew criticism as it coincided with financial struggles and layoffs at his firm. Additionally, under Foley’s leadership, Peloton’s stock value plummeted after the pandemic due to overestimated demand, significantly affecting the company and his personal net worth.
Further challenges arose in December 2021 when a Sex and the City reboot featured a character having a heart attack while using a Peloton bike, harming the company’s public image and stock price. Foley was also criticized for overseeing mass layoffs as part of cost-cutting measures, further damaging Peloton’s reputation.
Personal life
The bottom line
Even though he was a billionaire at his peak, John Foley’s net worth still stands strong, with an estimated value of $225 million. While he has given interviews claiming he lost everything after leaving Peloton, that’s not entirely accurate. With $225 million to his name, it’s safe to say he’s still in a very comfortable position.
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FAQs about John Foley’s net worth
Who is John Foley?
John Foley is the co-founder and former CEO of Peloton, a fitness technology company known for its exercise equipment and subscription-based workout programs.
What is John Foley’s net worth?
According to Yahoo!, John Foley’s net worth is $225 million.
Was John Foley a billionaire?
Yes, at his peak, John Foley was a billionaire, largely due to the rapid growth and high valuation of Peloton during the pandemic.
What is John Foley doing now?
After leaving Peloton, John Foley founded a new venture, Ernesta, a direct-to-consumer rug company.
How many shares of Peloton does John Foley own?
John Foley owns a stake in the company valued at approximately $900 million, with nearly 80% of this value tied to his stock options.
