John Foley

Uh, the pro- product is the long pole in the tent, and if they continue that journey along the way, that's where we have the most success.

So if we can see that in the beginning, like when you see a John Foley walk in and he's talking about this bike and it's crazy and Peloton, but he's...

but what he's talking about is not just another bike.

He's talking about a whole new experience, and you start to believe that.

So by January 2022, a year after its peak, Peloton's market cap had fallen to around $10 billion.

Founder and CEO John Foley stepped down in February 2022, the same day that the company announced that it was laying off 2,800 people, which was about 20% of its corporate workforce.

In that quarter, Peloton posted a 28% drop in revenue.

Foley was fully out by September, and by the time the dust had settled, he'd gone from a peak personal fortune of around $1.9 billion to around $225 million, which was an 87% wipeout that once again reportedly forced him to sell his $55 million East Hampton home.

And so I was just so blown away by that.

And I thought like, wow, if I squint and I just kind of think about Matt Mullenweg at WordPress or Brie Pettis at MakerBot or Amy Aratt at Madison Reed or James Park at Fitbit or, oh my God, just go through all the greatest hits of these companies and these founders, John Foley at Peloton, like they're all the same.

Literally, that's all they're thinking about is they have this vision of the way their product is supposed to intersect with you in your world.

And they're uncompromising in how they impose that on you, but in a nice way, a welcoming way, right? And I think that's just so fantastic.