Why Peloton Interactive Stock Lost 32% in September
Shares of Peloton Interactive (NASDAQ: PTON) plunged 32% in September, according to data provided by S&P Global Market Intelligence. Two founders announced that they're leaving the company, and the market didn't take the news very well.
This was the next phase of Peloton's woes. The connected fitness company was a pandemic darling, but sales have plummeted and losses have mounted in the aftermath of extreme pandemic growth.
Back in February, the company said that founder and CEO John Foley would be "transitioning" to chairman of the board, with former Netflix executive Barry McCarthy taking over as CEO and president. With new management in place, Peloton launched a new strategy to lower costs and drive growth. That led to a round of changes in the executive team, and speculation that Peloton could be acquired by Amazon or another large company.
Source Fool.com
