John Foley, the former CEO and co-founder of Peloton, has launched a new venture after losing billions in net worth following his departure from the company. Born in 1971, the 53-year-old is originally from Florida. He earned his degree from Georgia Tech and later attended Harvard Business School, working his way up as an overnight shift manager at Mars Inc.
Shifting from fitness to home decor, Foley is now leading a startup that sells customized rugs. According to a report by Fortune, he has already secured over $25 million in funding for this new endeavor. This has sparked renewed interest in Foley, who is celebrated for his role in transforming home fitness despite the controversies.
Foley is a married man with two kids in his family. Along with his spouse, Jill Foley, and their two kids, he resides in Manhattan’s West Village district. As the VP of clothing, Jill Foley has played a vital role in Peloton.
After Jill and John co-founded Peloton in 2013, John rose to the position of CEO, and Jill assumed the Vice President of Apparel post, which attracted criticism from investors because of Jill’s lack of prior experience in the industry. Investors questioned John Foley’s wife’s involvement and pointed to it as one of the reasons he should resign from the company upon his leaving.
Foley eventually gave up his position as CEO, and Barry McCarthy took over. As part of his downsizing efforts, Foley sold the couple’s $55 million waterfront house in East Hampton. They currently reside in Manhattan’s West Village district.
Net Worth and Financial Challenges
Foley was theoretically a billionaire because Peloton was valued at $50 billion at its highest point. Still, the company’s overvaluation fell because of dwindling demand, recalls, and overproduction—all of which were made worse by a contentious plot in the “Sex and the City” reboot. In a recent interview with the New York Post, Foley candidly acknowledged that his fortune had drastically decreased and that he had to sell nearly everything he owned in order to pay for his losses.
Properties and Investments
In 2023, Foley sold his Hamptons home for $51 million, incurring a $4 million loss. Earlier this year, he also sold a Manhattan townhouse for $35.5 million, according to the Wall Street Journal. In a recent interview with the New York Post, Foley expressed confidence that Ernesta, his new rug venture, will generate $500 million in cash flow over the next decade. Foley is now fully immersed in Ernesta, working out of the company’s Manhattan headquarters. Several key executives from his former Peloton team have joined him in this new venture.