Peloton executives and insiders sold nearly $500,000,000 worth of their stock before the shares tanked, according to SEC filings.
Peloton shares soared as sales and subscribers grew during the coronavirus pandemic. Consumers flocked to the product as they looked for ways to break a sweat without a gym membership. To meet the strong demand, Peloton invested in its business, scurrying to ramp up manufacturing and expedite order fulfillment. But as Covid vaccines rolled out, the company saw demand weaken, and its stock began to sink.
Although the plan called for selling up to 2.4 million shares through October 2022, Foley notified the board that he had terminated the selling plan on Aug. 30, 2021, after selling a total of 1 million shares. No reason was given for the termination, but on Nov. 4, 2021, the company slashed its sales forecast and the shares tumbled.
Many of the top Peloton executives also cashed out a portion of their holdings with well-timed sales. William Lynch, the company president, sold more than $105 million in shares last year, with $72 million sold in February at an average price of $144.95. Members of the board have also cashed out their holdings, including Karen Boone, who sold more than $20 million in stock last February at prices above $140 a share, according to filings.
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