John Foley. (Photo: John Foley on Instagram)
KEY POINTS
- John Foley, former CEO and co-founder of Peloton, has launched a new startup focused on custom mats.
- Despite losing billions of dollars in net worth after leaving Peloton, Foley has already raised more than $25 million for his new company.
- The 53-year-old Florida entrepreneur, a graduate of Georgia Tech and Harvard Business School, is known for his strong work ethic and innovative spirit.
John Foleyformer CEO and co-founder of Platoonhas started a new company after losing billions of dollars in net worth following his departure from the company. Born in 1971, the 53-year-old is a native of Florida. He graduated from Georgia Tech and later attended Harvard Business School, where he worked as a night shift manager at Mars Inc.
The entrepreneur has returned from the fitness world with a startup dedicated to home decor and selling custom mats. According to a report by Fortune, Foley has already raised more than $25 million for his new venture. Amidst all this, interest has been piqued in Foley’s life, who is praised for his role in revolutionizing home fitness, despite the controversies.
Family and personal life
Foley is married and has a family, including two children. He lives in the West Village neighborhood of Manhattan with his wife, Jill Foley, and their two children. Jill Foley has been a major part of Peloton, serving as vice president of apparel.
John and Jill co-founded Peloton in 2013, and while John became CEO, Jill took on the role of VP of Apparel, a position that drew criticism from investors due to her lack of prior experience. During John Foley’s departure from the company, investors questioned his wife’s involvement and cited it as one of the reasons she should step down.
Foley eventually stepped down as CEO and was replaced by Barry McCarthy. The couple previously owned a $55 million oceanfront home in East Hampton, which Foley sold as part of his efforts to downsize. They now live in Manhattan’s West Village.
Net worth and financial challenges
At its peak, Peloton was valued at $50 billion, making Foley a billionaire in theory. However, the company’s valuation plummeted due to overproduction, product recalls and falling demand, all exacerbated by a controversial storyline in the “Sex and the City” reboot. Foley’s wealth decreased significantly, and he openly admitted to losing all of his money in a recent interview with the New York Post, having to sell almost everything he owned.
Properties and investments
In 2023, Foley sold his Hamptons home for $51 million, at a loss of $4 million. Earlier this year, he sold a Manhattan townhouse for $35.5 million, the Wall Street Journal reported. In a recent interview with the New York Post, Foley said that ErnestoHis new carpet company could generate $500 million in cash flow over the next decade. Foley is now fully involved in Ernesta and works from the company’s Manhattan headquarters. Members of his former Peloton team, including key executives, have joined him in this new venture.
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