After last week’s multiple reports that Peloton was suspending production and planning layoffs, as it seeks to right size its business due to declining demand, shareholder Blackwells Capital sent a harshly worded letter to the PTON board. Citing the plunging share price, which is now below the IPO price and down more than 80% from pandemic highs, Blackwells demanded that CEO John Foley be held accountable for his failures to effectively lead the company. It listed a litany of mis-steps by the founder as evidence he should be immediately removed by the board.

Blackwells also believes that a stand alone Peloton ... Log in to view full article.