- cross-posted to:
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- cross-posted to:
- [email protected]
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Nobody taught him how to billionaire right.
Fucking richers
🥑 🍞 🎻 😢
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?
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
Womp womp
Someone should buy him a Peloton for christmas
A used one that he still needs to pay to activate.
Can’t afford the subscription :'(
According to billionaires, he’ll easily return to his former glory by pulling himself up on those massive bootstraps we should all apparently be using.
Fun trivia… Pulling yourself up from your bootstraps is impossible and the phrase came from an 1800s physics textbook that asked why a person can’t pull themselves up that way.
It somehow got twisted to mean that it should be possible with hard work.
“If that shit worked for the Lorax, it’ll work for you!”
- Jeff Bezos maybe
And for the odd duck whom fortune smiles upon, they get to proudly say they pulled themselves up by their own bootstraps while glossing over the once in a century singleton event that carved their path for them to follow.
Ironically though bootstrapping is also now a term that means to install computer systems or fabrication hardware starting with the most basic tool then using that to create the next tool needed in the install process - going from a hammer to a laser cutter is a lot of steps but it’s not impossible.
I always thought it was popularized by the guy who rode a cannon ball into battle and fought a giant crocodile - barron von munchausen, from where we get the name for people who fake medical conditions- but his claim was to have saved himself from drowning by pulling himself up by his own hair. I wonder if that 1785 book why boot straps were mentioned in the textbook you mention.
Fun trivia, sometimes turn of phrases can come about differently, especially when they mean different things. Unless you can tie it together with something better than “somehow got twisted” you really shouldn’t claim that’s the origin.
I can assure you that I have better things to do in life than sit at a computer making up origins of common phrases
it was meant to be sarcastic
There. That’s the explanation rather than “somehow”.
Perk up bud. You can always sell your blood.
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
This is HORRIBLE! We need to TAX HOMELESS MOTHERS so we can give this JOB CREATOR some MONEY!
This is some asshat complaining that he isnt a billionaire anymore and how he is now humble and hungry to make it back there since his net worth is now only a lowly 225 million and he had to sell his 55 million dollar home. He is not pennyless selling his possessions he just had to downgrade his living style from wasteful worthless billionaire to the low level of a few hundred millionaire.
Don’t worry everyone he started a direct sales rug company he thinks should get him back to 500 million. Fuck this article and that guy.
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.
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.
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
(…) Foley was once worth $1.9 billion, according to Bloomberg, but left the company with a net worth of $225 million.
(…)
The ex-Peloton chief was forced to downsize twice—including selling a $55 million East Hampton waterfront home and uprooting his family.
Though Foley has lost much of his fortune, the ordeal has not extinguished his ambition. Within a year of resigning from the top job at Peloton, he had raised $25 million for his new venture, a direct-to-consumer rug company called Ernesta.
You know, my heart is not exactly bleeding for the guy. Nobody should even have a $55 million residence in the first place, fucking hell. Also, being left with only $225 million is hardly losing all your money, is it?
“No member of my family through to my great grandchildren will need to work a day in their lives; I’m ruined.”
Nobody should have 55m no matter what makes them worth that much
$225m only generates an extremely conservative $9m year in interest. I know I couldn’t live off such a pittance. Please have sympathy for this poor man.
Hahahahahhahaha.
Yeeeeeessss.
a direct-to-consumer rug company called Ernesta
Ah… Another brilliant idea.
Subscription stationary bikes was his golden goose remember. It’s a pretty horrendous notion, but they had brilliant marketing and a pandemic to ride.
I still can’t believe people fell for that. The bike was like $2500+ and you had to pay for it monthly.
The real problem was that they achieved vendor lockin and thought that made them safe but couldn’t offer anything even slightly unique that wasn’t available free on other exercise bikes - or rather they could have but just didn’t.
They wanted to offer the absolute lowest quality experience for the highest price and hoped that name recognition and advertisement would carry them.
…so just like a lot of companies hahaha
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.
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.
I always say this to that kind of thinking : you will never be in that situation because you lack the sociopathy to get there. You care about your family and your community and you don’t have the ability to step on people’s head without feeling bad.
That wealth is incomprehensible to 99.99% of the people, and we are just trying to get by comfortably, so we can’t imagine spending 55 millions on a home. That generational wealth right there for a damn home.
Nice
