According to internal documents obtained by CNBC, Peloton is temporarily halting production of its connected fitness products in response to low demand. The $PTON stock, which was worth over $150 a year ago, took a nosedive to just $24. Overall, the market value dropped by 2.5 billion on Thursday — a fall of emoji-like proportions 📉.
The news comes just two days after Insider reported that the company planned to lay off 41 percent of the sales and marketing staff in response to waning consumer demand that resulted in measly profits and a glut of products sitting in warehouses or cargo ships.
