According to a securities filing, Peloton co-founder and ex-CEO John Foley has sold about $50 million in stock to an investment firm backed by Michael Dell, MSD Partners.
The sale involved about 1.92 million shares, the Wednesday filing said. Foley still owns enough after the sale to maintain voting control of Peloton.
In February, Foley stepped down from his CEO role and was replaced by former Netflix and Spotify executive Barry McCarthy. The Peloton co-founder transitioned to executive chairman, and McCarthy has said the two would continue to work closely together. The leadership change came as Peloton faced slowing momentum for its connected fitness equipment and mounting expenses.
MSD Partners manages more than $20 billion on behalf of the founder of Dell Technologies and other investors.
MSD Partners CEO Gregg Lemkau said in an e-mailed statement to CNBC, “Peloton is an exceptional brand, and MSD Partners is pleased to have this opportunity to back Barry McCarthy and the Peloton team as they position the business for long-term growth.”
Peloton told the Wall Street Journal that Foley’s decision to sell shares in a private sale is “John’s decision based on his financial planning.”
Foley sold nearly $100 million of his stock in 2021.
Photo courtesy John Foley/NYT
