A year ago this week, Peloton was the darling of the pandemic.
The stock hit an all-time high in January 2021 — sending its market value near $50 billion — after stuck-at-home consumers flooded the company with orders. Peloton had recently introduced a new exercise bike and was preparing a push into more affordable treadmills. Its fitness instructors had become celebrities, pulling in annual compensation of half a million dollars in some cases.
