Peloton Recalls 2.2M Bikes Over Safety Issue, Shares Plummet
📉 Peloton Interactive has recalled 2.2 million bikes due to a safety issue with the seat, resulting in a 7.1% drop in shares to a seven-month low.
💰 Peloton's shares have fallen 13.8% since the start of the year and 95% from its peak in December 2020.
⚠️ The recall applies to Peloton's Model PL01 stationary bike, which has received 35 complaints from customers, including 13 who were injured.
💸 The Model PL01 at-home bike is priced at $1,400 and was sold online, at Peloton's own stores and at Dick's Sporting Goods.
📈 Peloton's sales soared in 2020 as the pandemic led to the closure of gyms, but the company has since struggled with declining sales, multiple recalls, and four rounds of layoffs last year.
🏋️ Peloton users are urged to stop using the recalled bike immediately and contact the company for a free self-installed seat post.
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