Peloton CEO loses billionaire status as startup's shares fall 34%

At-home fitness startup Peloton's Co-founder and CEO John Foley lost his billionaire status as the company's shares fell 34% on Friday after it cut its annual revenue forecast by as much as $1 billion. Foley's net worth fell to about $850 million on Friday, Bloomberg said. He had become a billionaire last year when Peloton's stock rallied 350% amid COVID-19.