New woes for Peloton as CEO resigns, workforce cut by 400

Peloton Bike +
(Image credit: Josh Croxton)

Indoor training platform Peloton has announced a 15 per cent cut in its workforce, totalling around 400 positions, and its CEO Barry McCarthy has resigned in the latest bad news for the company. 

Its share price has dropped from a high of over $160 in December 2020 to an average of $3 in recent months, while its stock market value has dropped from over $50bn to $1.1bn. In the wake of the news on Thursday morning, it fell from $3.60 to $2.80 over a few hours but has since rebounded to $3.13 today. The company has not made a profit since the height of the pandemic in December 2020.

Paul has been on two wheels since he was in his teens and he's spent much of the time since writing about bikes and the associated tech. He's a road cyclist at heart but his adventurous curiosity means Paul has been riding gravel since well before it was cool, adapting his cyclo-cross bike to ride all-day off-road epics and putting road kit to the ultimate test along the way. Paul has contributed to Cyclingnews' tech coverage for a few years, helping to maintain the freshness of our buying guides and deals content, as well as writing a number of our voucher code pages.