Peloton Cuts Thousands of Jobs, Replaces CEO

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Peloton on Tuesday said it is cutting thousands of jobs and replacing its CEO to help the troubled indoor cycling company rebound. 

CEO and co-founder John Foley has led Peloton since its inception 10 years ago. The Wall Street Journal reported that Peloton’s value has fallen from a high around $50 billion a year ago to about $8 billion last week, before jumping Monday on news of potential suitors.

Peloton also said it will lay off about 2,800 employees, including about 20 percent of its corporate positions, CNN Business reported.

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