$9 bn wiped off Peloton's value as demand for fitness equipment slows

At-home fitness startup Peloton Interactive's shares fell 33% on Friday, wiping off about $9 billion in market value. This erased most of the gains Peloton witnessed during the height of COVID-19 pandemic. The development came after the company cut its annual sales forecast by up to $1 billion, saying demand for exercise bikes and treadmills was slowing faster than expected.