Why Peloton Stock Was Sinking This Afternoon
Shares of Peloton Interactive (NASDAQ: PTON) were down 9.6% as of 1:20 p.m. ET on Tuesday. There was a lot of news from Peloton today, in addition to more bad news on the economy that sent just about everything down today. For context, the S&P 500 index was down 3% at the time of writing.
In a surprise turn of events, Peloton accepted the resignations of the company's two co-founders, Executive Chair John Foley, who previously served as CEO, and Chief Legal Officer Hisao Kushi. This comes on top of other news that Peloton is expanding the Bike rental program across the U.S., which could go a long way to expand the addressable market for its products.
Year to date, Peloton stock has fallen 72%.
Source Fool.com
