peloton's co-founder and chairman john foley abruptly resigned from the company late last night the connected fitness business has seen a lot of disturbance amongst this board recently two executives have also gone at the same time and its biggest shakeup since barry mccarthy arrived as chief executive back in february it's been a turbulent few months in which pelotons announced it was cutting around 10 of its workforce about 800 jobs ending in-house production replacing its finance chief and partnering with amazon to sell bikes and gear independently of its own website you can see here on this chart it rose pre-covered from when it was down at 17.86 100 and 857 percent all the way up to this record high at 171 dollars a share it originally came to the market at 29 but since that high point we've seen profit warnings concerns about sales outlook changing staff and a big reduction in staff numbers taking us all the way down to just eight dollars a share now since then it has risen it's currently trading at 1094 but uh foley had already stepped down as chief executive in february telling investors that he'd made missteps by growing the business too rapidly during the first year of kovit where we saw this really big rise in its shares and since then the company having hit 50 billion dollars of market value uh more than quadruple quadrupling its initial public market valuation in the late 2019s but since then this story has become one of failure and as a result of that we've now got a company which is trying to regroup itself it is uh up half of one percent today after gaining a small amount of trade last night all sessions on the ig platform were awaiting the open of the new york stock exchange in a short while