Inside Peloton’s rapid rise and bitter fall — and its attempt at a comeback

Hours after Peloton shares went public on September 26, 2019, staff members dined on seafood and

drank champagne in the glitzy corridors of Hudson Yards as they planned how they would spend their newfound paper fortunes.

Some others talked of the new automobile they would purchase, the second home they had always wanted,

and the student loans they would finally be able to pay off during a lavish celebration in the company's soon-to-be New York City headquarters.

A former engineer who attended the celebration started, "It felt like nothing could get in the way of all that."

It was the start of what former workers referred to as Peloton's "age of opulence"—a brief period marked by arrogance and

naïve optimism that propelled the firm's stock to astounding heights before the company experienced a spectacular decline a little more than two years later.

The intraday share price of Peloton has fallen to $13.60 from its peak of $167 in December 2020.

That amounts to roughly half of the $27 opening share price after the IPO's $29 price. Its market valuation,

which peaked at over $45 billion, has dropped to little about $4.7 billion. Nonetheless, shares have increased by nearly 71% so far this year.

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