Someone should buy him a Peloton for christmas
(…) Foley was once worth $1.9 billion, according to Bloomberg, but left the company with a net worth of $225 million.
(…)
The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family.
Though Foley has lost much of his fortune, the ordeal has not extinguished his ambition. Within a year of resigning from the top job at Peloton, he had raised $25 million for his new venture, a direct-to-consumer rug company called Ernesta.
You know, my heart is not exactly bleeding for the guy. Nobody should even have a $55 million residence in the first place, fucking hell. Also, being left with only $225 million is hardly losing all your money, is it?
(in response to him selling the family home)
“My family took it well,” the 53-year-old told the New York Post. “My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”
Just another demonstration of how the Hedonic Treadmill effect means becoming a billionaire won’t meaningfully improve your life compared to the negative impact you inflict upon all of society by taking millions of dollars of worker’s and consumer’s value from them!
His family’s darkest hour is my family’s wildest, most impossible dream.
Actually I don’t know many people who actually dream of that kind of wealth - just enough stability and security to be able to live modestly from a life of labour and in to retirement.
I firmly believe I could live comfortably for the rest of my life if I had $2-3 million.
Hahahahahhahaha.
Yeeeeeessss.
a direct-to-consumer rug company called Ernesta
Ah… Another brilliant idea.
Subscription stationary bikes was his golden goose remember. It’s a pretty horrendous notion, but they had brilliant marketing and a pandemic to ride.
I still can’t believe people fell for that. The bike was like $2500+ and you had to pay for it monthly.
The real problem was that they achieved vendor lockin and thought that made them safe but couldn’t offer anything even slightly unique that wasn’t available free on other exercise bikes - or rather they could have but just didn’t.
They wanted to offer the absolute lowest quality experience for the highest price and hoped that name recognition and advertisement would carry them.
World’s smallest violin plays quietly
