GRMN

Garmin Ltd.

100.65
USD
-0.13%
100.65
USD
-0.13%
97.36 139.49
52 weeks
52 weeks

Mkt Cap 19.38B

Shares Out 192.32M

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Activist investor is said to call on Peloton to fire CEO, put itself up for sale

Activist investor Blackwells Capital LLC is said to be calling on Peloton Interactive Inc. (NASDAQ:PTON) to fire its chief executive and put itself up for sale after its stock plummeted 80%. Blackwells has accumulated a "significant" stake of less than 5% and believes that CEO John Foley should be fired, according to a WSJ report, which cited people familiar. The investor is arguing that the stationer bike maker could be a good target for a larger technology company of a fitness-oriented firm. Apple (NASDAQ:AAPL) has been floated before as a natural fit to be interested in the Peloton (PTON) ecosystem as have Nike (NYSE:NKE) and Amazon (NASDAQ:AMZN). Other suggestions also have Peloton working out a deal to combine with Garmin (NYSE:GRMN) or SoulCycle. Developing story ...

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