Why Peloton Interactive Is Plummeting This Week
Peloton Interactive (NASDAQ: PTON) is still trying to navigate the collapse of its business due to the reopened economy, but this week its stock is tumbling 17.5% from where it closed last Friday, according to data from S&P Global Market Intelligence.
The connected fitness leader is heading lower after the company's co-founder dumped a bunch of stock and an activist investor said it's not expecting any substantive change at the company despite a C-suite shuffle.
Blackwells Capital is agitating for major changes at Peloton, including putting itself up for sale and firing co-founder and CEO John Foley because of his alleged mismanagement of the company. While Foley announced he would step down as CEO of the fitness equipment maker, he also said he would assume the role of executive chairman.
Source Fool.com
