Peleton Shares hit new low as wheel come off

IT was the Covid craze which was embraced by members of the elite with time on their hands and plenty of money.

But the wheels have well and truly come off for exercise bike firm Peloton as even those who enjoyed a cushy lockdown return to the realities of working life.

The company, whose cheapest bikes cost £1,345, yesterday revealed it racked up losses of £190m in the three months to June as another 29,000 customers abandoned its products. The latest bleak update sent shares crashing 23pc in New York to a new record low – taking losses since its pandemic peak to 97pc.

Peloton is now valued at just £1.5bn, having at one stage been worth almost £40bn.

The company suffered a major blow to its reputation when the makers of Sex and The City TV show killed off leading character Mr Big via a heart attack after 45 minutes on a Peloton bike.