Peloton CEO John Foley Steps Down, Nvidia’s Acquisition of Arm Collapses & The Connection Between Equity and EdTech

TechCheck

CNBC

Disruptors, Cnbc, Investing, Tech, Management, Business, Technology, Faang

4.5 • 66 Ratings

🗓️ 8 February 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show covering the resignation of Peloton CEO John Foley, with insight on incoming CEO Barry McCarthy from our Julia Boorstin. Then, Fundstrat Global Advisors Managing Partner Tom Lee joins to discuss slumping stay-at-home stocks, and CNBC’s Steve Liesman covers 2021’s $1 trillion increase in household debt nationwide. Next, Bernstein Research Managing Director and Senior Analyst Stacy Rasgon breaks down the collapse of chipmaker Nvidia’s acquisition of semiconductor designer Arm, and Lightspeed Ventures Partners’ Mercedes Bent discusses the connection between equity and educational technology. CNBC’s Eamon Javers also reports on the arrest of a couple in New York allegedly involved in a plot to launder $4.5 billion in stolen crypto. Later, CNBC’s Robert Frank takes a look at how former Peloton CEO John Foley spent his more than $120 million in stock sales. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm John Ford.
0:00.8	You're listening to CNVC's Tech Check.
0:02.9	Our show is live weekdays at 11 a.m. Eastern.
0:05.9	Listen in.
0:28.0	Good Tuesday morning. Welcome to Tech Check. I'm Carl Kinteneer with John Ford and Dear Drubosa.
0:35.1	Today, an uphill climb. Leadership changes at Peloton, as co-founder and CEO John Foley announces he will step down.
0:38.1	Shares are surging how it writes the ship coming up.
0:43.8	Plus a broken arm. Invita's $66 billion deal collapses what it means for both NVIDIA and arms upcoming IPO. And don't shoot the messenger. META shares continue to fall.
0:49.3	Now down 33% for the year. Early investor Peter Thiel leaving the board and what that signals for Mehta's prospects, D.
0:56.6	Well, Carl, we have two broken deals today. One arm and NVIDIA falling apart. The other, of course, is Peloton's share price falling apart over the trend, though. Look at that turnaround today.
1:06.6	We're going to start here with that leadership change. Former Spotify, Netflix CFO.
1:10.9	Barry McCarthy is replacing co-founder John Foley as CEO.
1:14.1	Foley will become executive chair.
1:16.3	shares initially plunge, as I mentioned, nearly 10%, but quite the rebound.
1:21.5	They're now up more than 20.
1:23.4	This all comes as activist investor, Blackwell's, has been calling for Foley's departure
1:27.1	and a sale of the company.
1:28.9	Foley, now out at least as CEO.
1:31.1	They also announced massive cost cuts, including the elimination of 2,800 jobs.
1:35.5	That's roughly 20% of the corporate workforce.
1:38.4	The move is expected to save $800 million in annual costs, while Peloton will also wind down a plant in Ohio.
1:45.6	As part of the announcement, we also got a look at guidance.
	...

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