By The Wall Street Journal: Peloton founder John Foley sells $50 million in shares to firm backed by Michael Dell
Peloton Interactive Inc.’s founder and former chief executive, John Foley, has sold about $50 million worth of shares in the company to an investment firm backed by computer entrepreneur Michael Dell, according to a securities filing Wednesday.
Foley, who stepped down in February as troubles mounted at Peloton
PTON,
-3.22%,
still holds enough shares after the sale to maintain effective control of the exercise-equipment maker.
MSD Partners, backed by Dell’s family office, said in a statement that it is pleased to back new Chief Executive Barry McCarthy, the former chief financial officer of Spotify Technology SA
SPOT,
-1.17%
and Netflix Inc.
NFLX,
-1.61%.
McCarthy sits on the board of a blank-check company also backed by Dell’s family office. MSD Partners manages over $20 billion on behalf of Dell and other investors.
Peloton said Foley’s decision to sell shares in a private sale is “John’s decision, based on his own financial planning.” Foley sold nearly $100 million of his stock in 2021.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
