Another fictional television character suffered a Peloton-induced heart attack Sunday night while the company itself is on life support. Some investors are now even pushing for Peloton to sell.
Showtime’s Billions is the latest to give Peloton a dose of bad publicity after Mike “Wags” Wagner had a heart attack on the popular exercise bike. But unlike Mr. Big in “And Just Like That,” whose death sent the stock price tumbling 11%, Wags survives. He even exclaimed, “I’m not going out like Mr. Big,” a line show producers said was added in post production. The scene was originally shot and written months before Mr. Big’s on-screen death.
Peloton said it “did *not* agree for our brand or IP to be used on Billions or provide any equipment.”
Wags may have survived, but Peloton may not. After shedding more than 80% of stock value from its record high, the company is flailing.
Activist investor Blackwells Capital – which owns less than 5% stake – is pushing Peloton to fire CEO and co-founder John Foley and seek a sale, according to Bloomberg.
It’s not the only sale whisper out there. With a market cap now under $10 billion, lots of company names are being floated as possible suitors, from Apple to Nike to Amazon to Equinox.
Peloton, which hired consulting firm McKinsey to restructure, has so far floated the idea of layoffs but not a sale.
SIMONE DEL ROSARIO: PELOTON MAY BE PUSHING HARD ON THAT BRAKE KNOB BUT THE HITS KEEP COMING. NOW SOME ARE ASKING IF IT’S TIME FOR THE COMPANY TO UNCLIP.
ANOTHER T-V SHOW CHARACTER HAD A FICTIONAL PELOTON-INDUCED HEART ATTACK. THIS TIME ON SHOWTIME’S BILLIONS.
BUT UNLIKE MISTER BIG IN ‘AND JUST LIKE THAT,’ WHOSE DEATH SENT THE STOCK PRICE TUMBLING 11%…MIKE WAGNER, AKA WAGS, SURVIVES.
BUT THAT MAY NOT BE ENOUGH TO REVIVE THE FLAILING COMPANY. AFTER SHEDDING MORE THAN 80% OF STOCK VALUE FROM ITS RECORD HIGH, THE COMPANY IS ON LIFE SUPPORT.
AND ACTIVIST INVESTOR BLACKWELLS CAPITAL – WHICH OWNS LESS THAN 5% STAKE – IS PUSHING PELOTON TO FIRE CEO AND CO-FOUNDER JOHN FOLEY AND SEEK A SALE.
IT’S NOT THE ONLY SALE WHISPER OUT THERE. WITH A MARKET CAP UNDER 10 BILLION NOW, LOTS OF COMPANIES ARE BEING FLOATED AS POSSIBLE SUITORS, FROM APPLE TO NIKE TO AMAZON AND EQUINOX.
IS PELOTON AS A STANDALONE COMPANY NEARING THE END OF THE TRAIL? OR IS THIS JUST ROCK BOTTOM BEFORE BEGINNING AN UPHILL CLIMB?
LET ME KNOW WHAT YOU THINK. I’M SIMONE DEL ROSARIO AND FROM NEW YORK IT’S JUST BUSINESS.