Peloton to lay off 500 more in effort to ‘save’ company
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(NewsNation) — After skyrocketing to a valuation of more than $30 billion during the pandemic, Peloton’s stock has come crashing down and the company’s CEO is warning it might only last another six months as a stand-alone enterprise.
In an interview with the Wall Street Journal, CEO Barry McCarthy said a planned round of 500 job cuts was necessary to save the fitness equipment maker.
Shibani Joshi, a business and technology journalist, said “the Peloton buzz really died after the pandemic.” Joshi joined “Rush Hour” on Friday to break down the latest troubles for the company.
