Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE
Less than a year after the “woke” exercise equipment company Peloton was exposed for indoctrinating its employees in “anti-racist” propaganda, the company has completely collapsed and is now reportedly firing its CEO and laying off over 2,800 employees.
The outgoing CEO, Peloton co-founder John Foley, will still retain a position with the company as executive chairman for now, according to a press release from Peloton published Tuesday. The nearly 3,000 employees, however, are plumb out of luck.
The terminations come as part of a restructuring that’s designed to reduce costs by roughly $800 million, according to the press release.
Such steep cost reduction is necessary because the company has been dropping in value nearly nonstop since late 2020.
Notice how the company’s value began to increase rapidly in mid 2020 before peaking right around the time that the COVID vaccine began being released.
“For a while Peloton enjoyed high times as a pandemic darling, with homebound customers ordering its exercise equipment and streaming its virtual classes. Its valuation soared,” according to The Wall Street Journal.
“But its fortunes sagged as lockdowns eased and gyms started to fill up again. The company’s value had fallen from a high of around $50 billion roughly a year ago to around $8 billion last week.”
So the official reason for Peloton’s decline is American society’s return to normal. That being said, some suspect that the company’s “woke” politics may have also played a role in its collapse, albeit perhaps not as big of a role.
Last April, the company was exposed for running a so-called “Antiracism Activation Center” that indoctrinated employees in “anti-racist” propaganda.
In fact, Foley himself went on to proudly tout the “Antiracism Activation Center” on Twitter a couple months later:
4. We created opportunities for Peloton employees to learn and listen, which included quarterly Antiracism Learning Journeys, Brave Conversations, team Listening Sessions, DEI workshops, and an Antiracism Activation Center.
— John Foley (@keylargofoley) August 2, 2021
DEI stands for “diversity,” “equity” and “inclusion.” There’s a reason it can be arranged to spell DIE. “Equity” is a code word for equal outcomes. In a system built on DEI (or DIE), “anti-racist discrimination” is used to ensure equal outcomes for everybody.
This is why, for instance, the Biden administration virulently supports affirmative action. Although it discriminates against Asians, it boosts blacks and Hispanics, thus ostensibly leveling the playing field.
This is also why the administration saw nothing wrong with distributing debt relief to all American farmers except for the white ones:
— Conservative News (@BIZPACReview) March 16, 2021
So-called “anti-racism” is itself racism, but just packaged differently — and justified by the left on the basis that it promotes so-called “equity.”
Peloton has also been credibly accused of discriminating against Democrat President Joe Biden’s critics by blocking users of its fitness app from using the hashtag #LetsGoBrandon.
According to PJ Media, the company’s also banned the hashtags #StopTheSteal, #TrumpWon and #AllLivesMatter. Conversely, the company is perfectly fine with hashtags such as #BlackLivesMatter and #DefundThePolice.
Peloton has blocked anyone from putting “Let’s Go Brandon” in their usernames as they work out.
YouTube hides ALL dislikes as almost every Biden video has more dislikes than likes.
Sorry, America hates the guy and you can’t cover it up!
— Lauren Boebert (@laurenboebert) November 11, 2021
Peloton openly celebrates “Latinx Heritage Month” versus Hispanic or Latin Heritage Month:
We wrapped up our Latinx Heritage Month celebration last week. How did we celebrate the Latinx community at Peloton? Let’s do a thread.
— Peloton (@onepeloton) October 21, 2020
And Peloton quickly jumped on the #BlackLivesMatter bandwagon when the devastating BLM riots of 2020 erupted:
The Black community is hurting. Our Black Members, instructors, music partners and employees are hurting. #BlackLivesMatter, and it’s time to take action. To start, we’re making a $500,000 donation to NAACP LDF. We have more work to do. Will you join us? pic.twitter.com/SXaQWzljCt
— Peloton (@onepeloton) May 31, 2020
At the time the post was published, critics pounced, claiming they would be returning their bikes and never ordering from Peloton again:
As a new owner of your bike are you anti-law enforcement? If so can I return my bike because all lives should matter!
— robert vanderveen (@bpveen) June 1, 2020
What about the community hurting from all the businesses looted and set on fire?
— Wing (@cawquette) June 1, 2020
BLM supporters meanwhile showered the company with love and vowed to buy a Peloton:
Guess I’m buying a Peloton now
— nater (@naternft) May 31, 2020
Apparently, they didn’t stick to their vow.
One of Peloton’s biggest investors, Blackwells Capital LLC, is so displeased with the company’s decline that it’s reportedly begun pushing for Foley’s complete ouster and also calling for the company to be sold outright.
“A little over two weeks ago, activist investor Blackwells Capital LLC called for Peloton to fire Mr. Foley and explore a sale of the company, which the Journal has reported is attracting potential suitors including Amazon.com Inc,” according to Journal.
“Blackwells reiterated its call Tuesday, saying Mr. Foley should leave the company entirely rather than become executive chairman. Blackwells also released a 65-page presentation in which it estimated a sale could value Peloton above $65 a share.”
As of Thursday morning, Peloton was at $38.77 a share …
DONATE TO AMERICAN WIRE
If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to American Wire News to help us fight them.
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.