Daniel Patrick McKenna, 30, filed a wrongful termination suit against Peloton in the New York State Supreme Court on Wednesday alleging Chief Content Officer Jennifer Cotter humiliated him.
Ex-Peloton CEO John Foley, 51, had pledged at least 3.5 million shares of the company - worth an estimated $300 million - for personal loans, but soon faced calls for additional funds.
Peloton on Thursday announced that they are cutting another 500 jobs from their workforce. This is the fourth round of layoffs this year as the company is facing six straight quarters of losses.
Peloton will now feature bikes in Hilton hotels, as the exercise equipment brand continues to expand its accessibility. Since December 2020, shares have fallen 95 percent.