JOHN FOLEY

We sell happiness. The bike is just the delivery mechanism.

Content is our real product. The hardware is how you access it.

During COVID, we were the most important company in America for millions of people stuck at home.

SoulCycle charges $35 per class. Peloton is unlimited classes for $44 per month. The math sells itself.

Our instructors are the real stars. They turn a stationary bike into a stadium.

Going from the hottest company in America to a 97% stock decline teaches you everything about humility.