It’s almost as if overpricing is bad for business, eventually.
Someone should buy him a Peloton for christmas
A used one that he still needs to pay to activate.
Can’t afford the subscription :'(
(…) 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?
“No member of my family through to my great grandchildren will need to work a day in their lives; I’m ruined.”
$225m only generates an extremely conservative $9m year in interest. I know I couldn’t live off such a pittance. Please have sympathy for this poor man.
Nobody should have 55m no matter what makes it worth that much
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.
…so just like a lot of companies hahaha
According to billionaires, he’ll easily return to his former glory by pulling himself up on those massive bootstraps we should all apparently be using.
Fun trivia… Pulling yourself up from your bootstraps is impossible and the phrase came from an 1800s physics textbook that asked why a person can’t pull themselves up that way.
It somehow got twisted to mean that it should be possible with hard work.
And for the odd duck whom fortune smiles upon, they get to proudly say they pulled themselves up by their own bootstraps while glossing over the once in a century singleton event that carved their path for them to follow.
Fun trivia, sometimes turn of phrases can come about differently, especially when they mean different things. Unless you can tie it together with something better than “somehow got twisted” you really shouldn’t claim that’s the origin.
I can assure you that I have better things to do in life than sit at a computer making up origins of common phrases
World’s smallest violin plays quietly
He’s fine. All he has to do is pull himself to by his bootstraps, cancel his Netflix account and he’ll be back a billionaire in a year.
He’s still buying avocado toast. He’ll never financially recover.
I prefer my uplifting news without the schadenfreude.
Yeah I am not into uplifting news because somebody had to go down.
He’s still got millions, so it’s not that bad.
Except the fact that his “down to millions” is a setback and not a planned reinvestment in the economy or something.
mumble mumble…“trickle down”… mumble …My ass…
I guess the only thing left to do is to go on a submersible dive.
What a coincidence. I too am a temporarily embarrassed billionaire! He should come to our meetings where we show you how to find a million dollars just by checking the couch cushions and working 148 concurrent jobs.
Avoid checking any couches that JD Vance may have been near.
He just needs to stop buying that avocado toast and expensive coffee in the morning.
For how much he lost he must be buying avocado toasts with little diamonds in them, and then getting his teeth remade every day after they got destroyed by chewing the diamonds.
Man, I too could rough it with 225 million, maybe… someone should give that to me, to see if I can make ends meet! I’d like to try that experiment.
(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!
When “keeping it real” goes wrong.
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.
I once told my boss that I could quit if I won a million dollars and lived off of 5% interest. He said no you couldn’t, think about car payments, house, all expenses, $50k a year wouldn’t cover that. Then I reminded him that $50k was more than I was currently making, by kind of a lot. He shut up very quickly lol.
I’m pretty sure house and car are two of the three most expensive expenses a person has. Pay them off immediately and you won’t need much else to survive.
For real. My dream is just to know I’m not a car accident, broken bone, random sickness, or mild rolled ankle from complete and utter financial ruin. I can’t even imagine that kind of security.
I find it funny you posted this to Uplifting, that’s just so… Lemmy.
Kind of inappropriate, technically, but made me laugh none the less.
It’s uplifting because it is going to incentivive this titan of industry to create a new company to regain all his wealth. Think about how much wealth will trickle down when he makes another billion dollar company.
Well, billionaires should not exist so the news was uplifting to me.
To be fair, I agree. I just think it’s funny. If this was any other platform (like the one that starts with R), you only get fluff pieces that you see a million times and aren’t even real news. Lol
Also uplifted!
And really, how could a billionaire really lose their money? Like, you have a billion dollars… stop fucking about and retire! You don’t need more. Clearly no concept of money.
The majority of his wealth was in the stock price of his company. Same as most billionaires.
Sounds like a pretty dumb way to not diversify
