Former Pelton CEO, John Foley, who once boasted a $US1.9 billion fortune, has revealed he has lost all of his money following his time at the exercise equipment company.
The 53-year-old American business executive opened up about his brief stint as a billionaire in a candid interview with the New York Post, revealing he's been forced to sell almost all of his possessions after leaving the company.
"You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately," he told the publication in a candid interview.
"I've lost all my money. I've had to sell almost everything in my life."
Mr Foley, who co-founded Peloton in 2012, saw his wealth drop from $US1.9 billion at the company's peak to $US225 million by the time he stepped down as CEO in 2022, according to Bloomberg.
The exercise company had earlier hit a high during Covid lockdown, when demand for at-home workouts increased.
In 2020, Peloton stock rose by over 400 per cent and the company's value climbed to $US50 billion ($A74 billion).
But after overproduction, recalls and other issues, the company's value has fallen to about $1.7 billion, following a 40 per cent boost in stock price reported this week.
Peloton took a "brutal" hit in December 2021 when popular series Sex And The City returned with the shocking death of a major character in its reboot And Just Like That.
At the end of the first episode of the series, Mr Big (played by Chris Noth) collapsed and died of a heart attack shortly after a 45-minute session on a Peloton exercise bike.
Following the episode, shares plunged by 11.5 per cent.
"We were coming out of Covid. The stock was getting crushed ... And then the Mr. Big thing happens ... it was brutal," Mr Foley said.
Since leaving the company, Mr Foley has turned his focus to his own made-to-order rug company, Ernesta.
"I'm working hard so that I can try to make money again ... because I don't have much left," he joked, adding he was "hungry and humble".
"I think, potentially, the best days of John Foley are ahead of me," he said. "I love a good underdog story."
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