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| Shares of Peloton, the buzzy bike startup, fell more than 9% on Tuesday as backlash to a new holiday ad built on social media. That erased nearly $942 million from Peloton’s market value in a single day, bringing the company’s market cap to roughly $9.4 billion. Peloton shares gained at a steady clip in November and reached an all-time high for the newly public company on Monday, before the holiday-ad controversy picked up. The exercise company has lost ground to make up after its initial public offering wiped out $900 million of investor value on the first day of trading. Peloton shares were up about 15% from their September IPO through Tuesday’s close. |
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