The Peloton saga has been nothing short of dramatic. Peloton overcompensated after its sales skyrocketed during the COVID-19 pandemic by spending hundreds of millions of dollars to expedite shipping and build a new factory. However, as people began to return to gyms and Peloton recalled its treadmills due to reports of injured children and one death, sales began to fall so precipitously that the company halted treadmill and bike production.
Former CEO John Foley stepped down earlier this month and announced the layoff of 2,800 employees. McCarthy’s first day on the job began with a tense meeting with fired Peloton employees, all while rumors of a Peloton buyout circulated (which McCarthy has since dispelled).
