John Foley‘s recent comments on his financial struggles have attracted significant attention. The former CEO of Peloton has faced major setbacks due to the steep drop in his company’s value. As Foley starts anew, despite the substantial financial losses he’s endured, there is growing curiosity about his situation. Here is what the ex-CEO of Peloton said about his financial situation.
John Foley’s ‘lost all money’ comment explained
John Foley, the co-founder of Peloton, recently opened up about the drastic change in his financial situation since leaving the company in 2022. In an interview with the New York Post, Foley, who once enjoyed the status of a billionaire, revealed the stark reality of his financial losses. “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 admitted.
Foley’s financial difficulties are attributed to his heavy investment in Peloton. The company saw its valuation plummet from $50 billion at its pandemic peak to $1.2 billion earlier this month. Although the company’s stock price has since risen, Foley’s assets were significantly impacted by the company’s decline.
In 2023, Foley faced considerable financial adjustments. This includes the sale of his Hamptons property for $51 million, which resulted in a $4 million loss. Earlier in the year, he also sold a Manhattan townhouse for $35.5 million. These sales reflect his efforts to liquidate assets in response to his current financial situation.
Foley has now redirected his focus toward his new venture, Ernesta, a New York-based home décor company. Foley has enlisted several former Peloton executives to join him in this new endeavor, with ambitions of achieving a free cash flow of $500 million by the end of the decade. Despite the challenges, Foley remains committed to his new business, stating, “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’s personal life has also seen adjustments. He has downsized significantly, including selling a $55 million East Hampton waterfront home on Further Lane. He reflects on the impact of these changes, noting, “My family took it well. My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”
