Home exercise giant Peloton is down around 13.6% today at the time of writing. It did after the company announced a recall of its treadmill product and TechCrunch reported that the company was unable to fix a security issue related to user data.
The value of Peloton shares rose sharply during the pandemic as the company’s product found itself in a mundane boom propelled by moving home and work from home in the face of the spread of COVID-19. Peloton’s share price, which was valued at around $ 30 per share at the beginning of 2020, rose more than $ 150 per share by the end of the year.
Today, after depreciating more than $ 13 per share, Peloton equity is worth only $ 83.50 per share.
The company’s decision to recall its Tread + and Tread treadmills comes with a warning that those who purchased the equipment should “stop using them immediately and contact Peloton for a full refund or another qualified one To obtain funds ”. The decision to quit …