Billionaire Peloton Co-Founder Says He Lost All His Money, Still Spends Weekends in the Hamptons

John Foley, the co-founder of exercise brand Peloton, is now broke. However, that has not stopped him from living it up.

In an interview with The New York Post, he opened up about losing all of his money.

"Oh I’m an open book. You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life," Foley told the outlet.

"I’m working hard so that I can try to make money again… because I don’t have much left. And so I’m hungry and humble," he added.

In the interview, Foley also shared how his family took the news of them going broke.

"My family took it well. My wife’s super supportive. My kids are probably better for it, if we’re keeping it real," he revealed.

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Foley co-founded Peloton in 2012 and was one of the key players in the company's rise to a $50 billion valuation at its peak, according to Fox News. However, after the pandemic lockdowns ceased, the company saw a hit in sales as people began to return to their normal routines and workout habits.

After a series of public relations mishaps, Foley stepped down as CEO of the company in 2022.

Foley still has his eyes set on the future and told The New York Post that he has since raised $25 million from venture capitalist for a new company called Ernesta, which focuses on rugs.

Other Peloton executives have joined forces with Foley on the rising company and believes that the company could net $500 million easy.

"I think, potentially, the best days of John Foley are ahead of me. I love a good underdog story," Foley said.