this post was submitted on 28 Aug 2024
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Peloton’s former billionaire CEO says he’s lost all his money and had to sell his possessions (finance.yahoo.com)
submitted 3 months ago by return2ozma@lemmy.world to c/upliftingnews@lemmy.world
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[–] Coelacanth@feddit.nu 241 points 3 months ago (4 children)

(...) Foley was once worth $1.9 billion, according to Bloomberg, but left the company with a net worth of $225 million.

(...)

The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family.

Though Foley has lost much of his fortune, the ordeal has not extinguished his ambition. Within a year of resigning from the top job at Peloton, he had raised $25 million for his new venture, a direct-to-consumer rug company called Ernesta.

You know, my heart is not exactly bleeding for the guy. Nobody should even have a $55 million residence in the first place, fucking hell. Also, being left with only $225 million is hardly losing all your money, is it?

[–] NewNewAccount@lemmy.world 104 points 3 months ago

$225m only generates an extremely conservative $9m year in interest. I know I couldn’t live off such a pittance. Please have sympathy for this poor man.

[–] TheTechnician27@lemmy.world 98 points 3 months ago

"No member of my family through to my great grandchildren will need to work a day in their lives; I'm ruined."

[–] Kecessa@sh.itjust.works 15 points 3 months ago* (last edited 3 months ago)

Nobody should have 55m no matter what makes them worth that much