Thread by @BusinessInsider

One year ago, Peloton couldn't make bikes fast enough.

Now, it has too many bikes and not enough people buying them.

This is how the pandemic sensation got here. 👇

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Peloton stock soared in 2020 as the world adjusted to lockdowns, and those with $1,500 to drop on an exercise bike looked for a safe way to get their fitness fix.

But as vaccine shots went into arms, Peloton's stock started to sag.

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The bad news hit like a HIIT and hills class.

There was the public recall of its Tread+ treadmill after reports that it had caused injuries and, in one instance, the death of a child.

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CEO and founder John Foley admitted in a meeting the pandemic boom had made the company "undisciplined."

Black employees hammered execs with questions about what they saw as systemic unequal pay.

An internal hiring freeze hung over the entire company.

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Then 2022 kicked off.

January has been dominated by news of price hikes, layoffs, and a possible halt in production.

The stock dropped 24% on Thursday alone.

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Peloton released its earnings two weeks early, and Foley, who had largely remained quiet, published a memo framing Peloton's halt in production instead as "right-sizing" it.

He also confirmed that a reduction in the workforce is likely.

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During a January 11 internal conference call, Peloton executives talked through subtle ways to raise prices.

The changes were part of "Project Phoenix," a plan to boost revenue across the company, according to a source familiar with the matter.

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As the news spread, a mid-December call was leaked to Insider and CNBC, where executives discussed cutting some sales and marketing staff, retail workers, and e-commerce employees.

The company dubbed the cost-cutting initiative "Project Fuel."

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In his memo to staff, Foley said the company is "still in the process of considering all options" in relation to layoffs.

But a former employee in product management who recently left the company told Insider layoffs have already begun.

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But the biggest hit to Peloton was a report by CNBC that Peloton planned to pause production on all its bikes and treadmills.

The news triggered the second-biggest stock drop in the company's history.

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On Friday, the company took a big PR blow: A character on Showtime's "Billions" suffered a heart attack while using its bike.

It comes just weeks after a character in HBO's "And Just Like that" suffered a fatal heart attack while using his Peloton bike.

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The former product management employee told Insider the company's warehouses were stuffed with inventory with nowhere to go — "a gigantic jigsaw puzzle, just moving things around to try and fit another bike in there" — due to a rosy holiday forecast.

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Analysts say, while they like its subscription model, Peloton faces an uphill ride as it adjusts to a post-pandemic world and is unlikely to ever sell hardware at the same pace it did early in the pandemic.

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Subscribe to Insider to read more about Peloton's month from hell. 👇

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