Shares of the beleaguered fitness firm Peloton were trading up $6.79 at $31.39 shortly after the market opened on Monday morning.
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The speculation about a sale comes two weeks after Peloton activist investor Blackwells Capital sent a scathing letter to the company’s board of directorsYet any leadership shakeup or potential sale would have to receive the blessing of Foley and the rest of the company’s management team, who collectively control about 80% of the company’s voting shares, according to the most recently available securities filings.
Foley has sold off about $120 million of Peloton shares since the company’s September 2019 IPO. Most of the sales came during Peloton’s pandemic boom when the shares were worth more than $110 each, securities filings show. Other executives also have sold off shares worth a total of about $380 million, according to the filings.
“This also makes me wonder if part of their longterm plan was to sell off all their shares when it was high and the accept the Golden Parachute later,” the insider griped. Apple is also considering a bid for Peloton.Monday’s stock rally also comes as Peloton prepares to report quarterly earnings on Tuesday.
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