(…) 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?
$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.
“No member of my family through to my great grandchildren will need to work a day in their lives; I’m ruined.”
Nobody should have 55m no matter what makes them worth that much
This is some asshat complaining that he isnt a billionaire anymore and how he is now humble and hungry to make it back there since his net worth is now only a lowly 225 million and he had to sell his 55 million dollar home. He is not pennyless selling his possessions he just had to downgrade his living style from wasteful worthless billionaire to the low level of a few hundred millionaire.
Don’t worry everyone he started a direct sales rug company he thinks should get him back to 500 million. Fuck this article and that guy.
(in response to him selling the family home)
“My family took it well,” the 53-year-old told the New York Post. “My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”
Just another demonstration of how the Hedonic Treadmill effect means becoming a billionaire won’t meaningfully improve your life compared to the negative impact you inflict upon all of society by taking millions of dollars of worker’s and consumer’s value from them!
When “keeping it real” goes wrong.
His family’s darkest hour is my family’s wildest, most impossible dream.
Actually I don’t know many people who actually dream of that kind of wealth - just enough stability and security to be able to live modestly from a life of labour and in to retirement.
I firmly believe I could live comfortably for the rest of my life if I had $2-3 million.
I once told my boss that I could quit if I won a million dollars and lived off of 5% interest. He said no you couldn’t, think about car payments, house, all expenses, $50k a year wouldn’t cover that. Then I reminded him that $50k was more than I was currently making, by kind of a lot. He shut up very quickly lol.
I’m pretty sure house and car are two of the three most expensive expenses a person has. Pay them off immediately and you won’t need much else to survive.
For real. My dream is just to know I’m not a car accident, broken bone, random sickness, or mild rolled ankle from complete and utter financial ruin. I can’t even imagine that kind of security.
So he drank too many lattes and didn’t work hard enough. /s
all that avacado toast
He’s fine. All he has to do is pull himself to by his bootstraps, cancel his Netflix account and he’ll be back a billionaire in a year.
He’s still buying avocado toast. He’ll never financially recover.
His possessions included a $55 million house. Boo fucking hoo.
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.
So he failed at one company massively and investors were dumb enough to throw $25 million at him for making fucking rugs?
You could say they got their rugs pulled!
I find it funny you posted this to Uplifting, that’s just so… Lemmy.
Kind of inappropriate, technically, but made me laugh none the less.
Well, billionaires should not exist so the news was uplifting to me.
Also uplifted!
And really, how could a billionaire really lose their money? Like, you have a billion dollars… stop fucking about and retire! You don’t need more. Clearly no concept of money.
The majority of his wealth was in the stock price of his company. Same as most billionaires.
Sounds like a pretty dumb way to not diversify
To be fair, I agree. I just think it’s funny. If this was any other platform (like the one that starts with R), you only get fluff pieces that you see a million times and aren’t even real news. Lol
It’s uplifting because it is going to incentivive this titan of industry to create a new company to regain all his wealth. Think about how much wealth will trickle down when he makes another billion dollar company.
This is HORRIBLE! We need to TAX HOMELESS MOTHERS so we can give this JOB CREATOR some MONEY!
did he go broke because he had to pay for a subscription to Peloton?
"The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family. “My family took it well,” the 53-year-old told the New York Post. “My wife’s super supportive. My kids are probably better for it, if we’re keeping it real.”
Can we burn these fucking people for warmth?
correct community to post this in
the orphan crushing machine is running in reverse
is it possible to uncrush them?
Someone should buy him a Peloton for christmas
A used one that he still needs to pay to activate.
Can’t afford the subscription :'(
He just needs to stop buying that avocado toast and expensive coffee in the morning.
For how much he lost he must be buying avocado toasts with little diamonds in them, and then getting his teeth remade every day after they got destroyed by chewing the diamonds.
I prefer my uplifting news without the schadenfreude.
Yeah I am not into uplifting news because somebody had to go down. I like news of socially conscious people doing good to people in need of uplifting.
He’s still got millions, so it’s not that bad.
Except the fact that his “down to millions” is a setback and not a planned reinvestment in the economy or something.
mumble mumble…“trickle down”… mumble …My ass…
