Peloton Insiders Sold Nearly $500 Million in Stock Before Its Big Drop
. But as Covid vaccines rolled out, the company saw demand weaken and its stock began to sink.
Although the plan called for selling up to 2.4 million shares through October 2022, Foley notified the board that he had terminated the selling plan on Aug. 30, 2021, after selling a total of 1 million shares. No reason was given for the termination, but on Nov. 4, 2021,The stock sales represented about 16% of Foley's total stake in the company, excluding options. Including options, the sale equaled about 5% of his holdings, according to SmartInsider.
Hisao Kushi, co-founder and chief legal and culture officer, sold more than $90 million of his shares — most at prices above $110 a share. Other big sellers included the company's chief product officer, Tom Cortese, who sold more than $60 million of his stock, and Mariana Garavaglia, chief operating officer, who tallied more than $25 million in sales.
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