this post was submitted on 28 Aug 2024

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Peloton’s former billionaire CEO says he’s lost all his money and had to sell his possessions (finance.yahoo.com)

submitted 1 month ago by return2ozma@lemmy.world to c/upliftingnews@lemmy.world

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[–] VeganCheesecake@lemmy.blahaj.zone 6 points 1 month ago* (last edited 1 month ago) (2 children)

Yeah, the thing is - I just don't get it. Like most people likely do, I have thought about what I'd do if I came into a large sum of money, maybe by selling a company, and honestly, the answer is, a relatively normal flat in the city I live in; some travel, but nothing 'luxury', just seeing places I find interesting; giving both to charities I find worthwhile, and my local community; and investing in a responsible way (fuck returns if you get them by investing in oil and weapons, one could argue that investor owned companies as such are a problem, but I'm probably not going to be able to solve that can of worms).

So the difference in my life would be having less financial stress, being able to give back more, and focusing more on family, friends, and hobbies, and I just couldn't imagine blowing through money like that man has.

It may be partially because I saw my father find incredible success, only to spend a lot of it on pointless luxuries before dying in incredible debt, but it also just feels like common sense.

[–] VirtualOdour@sh.itjust.works 1 points 1 month ago

Yeah, I'd sort my life out then spend a load hiring people to work on useful things simply because I want them to exist, open source and creative commons things that exist for everyone.

It'd give me a sense of purpose and something to focus on, mostly things that should exist already like a really good and efficient small washing machine that can be made by any small fabrication company, easily repairable and upgradable so it's cheaper for people living in apartments than using overpriced coin op machines landlords often install in utility rooms.

There are so many ways of making actual positive differences in the world, if people with excess time and money worked on projects like this then everyone could live little better, meaning more people would be able to work on things and life would be better for everyone which would mean that people are less desperate and struggling so places would be safer and nicer which would mean there's more nice places to visit and people are happier so doing more interesting and fun things which means no one would need so much money to enjoy life in a way even billionaires can't afford now.

The good thing is we don't really need rich people because the workers always do all the actual work so by working together as a people we can donthings like create vast networks of informative videos helping each other fix our cars - an example which has already happened and greatly benefitted many people I know and myself.

The weird guy making videos of how to change spark plugs on am obscure old car and getting 40 views is doing far more towards making a better world than then greedy asshole that makes proprietary and subscription based exercise bikes no matter how much money he manages to hoard for himself.

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[–] beefbot@lemmy.blahaj.zone 6 points 1 month ago

Weird. Armie Hammer has some story recently too about Poor Me All My Billions Are Gone.

I don’t believe anything a billionaire says cmon

[–] bitjunkie@lemmy.world 5 points 1 month ago (1 children)

🥑 🍞 🎻 😢

I was one of the retail investors in 2020 who quadrupled up in a couple months and then had the good sense to get out. How did the fucking CEO think that kind of growth was long-term sustainable?

[–] Bakkoda@sh.itjust.works 1 points 1 month ago

They didn't but they also thought they could come out clean. Thinking you are better than the system you are working in it's fine as long as you are. He wasn't lol

[–] Nastybutler@lemmy.world 5 points 1 month ago

[–] Maeve@kbin.earth 5 points 1 month ago

It's almost as if overpricing is bad for business, eventually.

[–] Paradachshund@lemmy.today 4 points 1 month ago

World's smallest violin plays quietly

[–] Mango@lemmy.world 4 points 1 month ago

Womp womp

[–] Pistcow@lemm.ee 3 points 1 month ago

I'm not sure if i prefer this or catastrophic implosion

[–] smokebuddy@lemmy.today 2 points 1 month ago* (last edited 1 month ago)

pretty much the future of every kickstarter product turned business that got skyrocketed to instant fame, with all subsequent investors being predatory VC funds and/or Shark Tank types (that doesn't get a unicorn buyout from deep pockets)

Original kickstarter from 2013 where 297 backers pledged $307,332 to help bring this project to life

https://www.kickstarter.com/projects/568069889/the-peloton-bike-bring-home-the-studio-cycling-exp/posts/550781

[–] SkunkWorkz@lemmy.world 2 points 1 month ago (1 children)

Dude was never a billionaire to begin with. Peleton stock was vastly over valued by hype and was going to come crashing down sooner than later. Just another company that tried to sell itself as a tech company without making actual groundbreaking tech.

[–] A7thStone@lemmy.world 3 points 1 month ago (1 children)

I could never figure out how they sold a bog standard exercise bike with a crap tablet attached to it, and people just the money at them.

[–] ErmahgherdDavid@lemmy.dbzer0.com 2 points 1 month ago

Don't forget the death trap treadmill that got recalled because it sucked pets and small children underneath https://news.sky.com/story/stop-using-peloton-treadmills-if-you-have-children-or-pets-us-officials-warn-12278860

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