Foley pledged about 3.5 million Peloton shares as collateral as of the end of September 2021, or about 20% of his stake at the time, according to the Wall Street Journal.
in September gave Foley flexibility to sell or pledge additional Peloton shares, he told the Journal the margin calls did not prompt his departure.
"I didn’t resign from the board because I was underwater," he explained. "To the extent that I took on debt through Goldman, it was because I am bullish on Peloton and still am. It was and is a great company." Though Foley was reportedly able to secure private financing and avoid stock sales by Goldman, he declined to say how much of his current stake is pledged or borrowed against his holdings. His company shares are currently worth less than $100 million, according to the Journal.
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