Peloton co-founder John Foley has sold about $50mn of stock to Michael Dell’s family office, MSD Partners, in his largest stake sale coming just weeks after he stepped down as the connected fitness company’s chief executive.
Foley stepped back early last month after Peloton lost more than 80 per cent of its market value in roughly a year. Peloton hired Barry McCarthy, a veteran of Netflix and Spotify. to take over as chief executive, while Foley became executive chair.
The purchase of 1.9mn shares directly from Foley is the first investment in Peloton by MSD Partners, which manages $20bn in assets.
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