IT was the Covid craze which was embraced by members of the elite with time on their hands and plenty of money.
The company, whose cheapest bikes cost £1,345, yesterday revealed it racked up losses of £190m in the three months to June
But the wheels have well and truly come off for exercise bike firm Peloton as even those who enjoyed a cushy lockdown return to the realities of working life.
The company, whose cheapest bikes cost £1,345, yesterday revealed it racked up losses of £190m in the three months to June as another 29,000 customers abandoned its products. The latest bleak update sent shares crashing 23pc in New York to a new record low – taking losses since its pandemic peak to 97pc.
Peloton is now valued at just £1.5bn, having at one stage been worth almost £40bn.
The company suffered a major blow to its reputation when the makers of Sex and The City TV show killed off leading character Mr Big via a heart attack after 45 minutes on a Peloton bike.
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