Peloton’s fortunes race downhill as fitness fans return to gyms

The exercise bike maker is worth less than a fifth of its $50bn valuation during global lockdown

If Peloton wants to know why the lockdown boom in home exercise was unsustainable, then Ian Rodriguez has a good answer: working out is more fun with other people.

Rodriguez, a 52-year-old teacher from Preston, Lancashire, cancelled his gym membership when the pandemic hit but couldn't wait to get back. As many others did, he spent money on gym equipment, including a rowing machine and some weights. But then he started missing the gym classes.