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We would say fitness-tech firm Peloton is having a bad month, but if you look at its share price, it’s had a bad last year. At the end of 2020 the publicly-listed company was worth $44.65bn, but that fell to $11.81bn by the end of 2021, and at the time of writing it has fallen further, to $9.81bn.

No wonder some investors are not impressed, and one of them – Jason Aintabi of activist investor Blackwells Capital – is on the warpath over what it sees as a failure to capitalise on pandemic-era home fitness habits.

“With the stock now trading below the IPO price, and down more than 80% from its high, it is clear that the Company, the executives and the Board have squandered this opportunity,” wrote Aintabi in a letter to Peloton’s board.

“Remarkably, the Company is on worse footing today than it was prior to the pandemic, with high fixed costs, excessive inventory, a listless strategy, dispirited employees and thousands of disgruntled shareholders.”

Aintabi wants CEO John Foley to resign, while TechCrunch speculated that the share price could leave Peloton ripe for an acquisition.

Perhaps Spotify, which has shown an interest in fitness including a partnership with Peloton, could swoop in…

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