Peloton Interactive is pedaling as fast as it can. The maker of connected bikes plans to cut 500 more jobs, or about 12% of its workforce, according to the Wall Street Journal. Boss Barry McCarthy also told the newspaper that if he can’t orchestrate a turnaround in six months, it’ll probably struggle to make it on its own. However, he added to CNBC that the company was still on track to meet its cash flow goals for the fiscal year and would still be “extremely well-capitalized.”
Imagine if, instead of buying Twitter , Elon Musk had decided to spend $44 billion on purchasing a bank.
His investment would have been vetted by regulators, who would ask questions about his track record, his assets and liabilities, and his funding. From then on, Musk would have to make sure his bank had enough capital, and was responsive to customers’ complaints. Its internal processes would be pored over regularly by examiners. Buying banks is hard.
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