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Peloton Co-Founders Quit: Is a $3 Billion Fitness App a Stock to Buy?
The future of struggling connected fitness equipment maker Peloton Interactive (NASDAQ: PTON) seems very much in doubt — not because its executive chairman and co-founder, John Foley, just resigned from the company, but rather because it’s really just a small, niche business that doesn’t deserve its market valuation. High-priced workout equipment has a very narrow channel of consumer appeal, which is why Peloton is leaning into its subscription business, though that ultimately makes Peloton little more than a glorified workout app. It’s unlikely investors will want to pay a premium for such small-stakes operations, though with Foley’s exit, it could also position Peloton for a sale.
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