January 17, 2022

The Pulse

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Home gym plunges into stock market after treadmill deaths – Oil fund could go into billions

U.S. treadmill maker Peloton fell more than 15 percent on Wednesday after the company announced it would withdraw 125,000 treadmills due to “injury or death” risk.

A 6-year-old child died after an accident on the company’s treadmill. Also, there have been many accidents on the same treadmill. In total, 72 people per manufacturer, including pets and things dragged under the treadmill, including 29 injuries to children.

Infection winner

At the same time, the company’s top manager regrets not having acted before. U.S. consumer protection officials responded to crash figures several weeks ago and reportedly asked the company to recall Treadmills.

– I want to be clear. Peloton CEO John Foley said Wednesday that Peloton had erred in its initial response to the Consumer Product Safety Authority’s request to withdraw Tread +.

– We should have worked more creatively with them from the beginning. I’m sorry for that, said Foley.

Tread + Treadmill has been on sale for over $ 4,000 over the past three years.

Peloton has been one of the biggest winners in epidemiology in the rail-home market, being a manufacturer and supplier in the high-end segment of home training. The company sells both training equipment, digital training programs and subscription services in the United States, Great Britain and Germany.

Billion dollars

The Norwegian Petroleum Fund held more than two million shares in Pelotan at the beginning of 2021 – about $ 151 per share at the time. The shareholder is valued at $ 311 million – equivalent to 2.6 billion kroner. The Petroleum Fund did not announce its shares after the New Year.

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After today’s stock fall, the stock price is down $ 84.5. Assuming that the Petroleum Fund holds its stake in the company and does not buy or sell, the company lost only $ 21.6 million on Wednesday, equivalent to 180 million kroner.

However, since the new year, the stock has fallen more than 43 percent. Thus, the Petroleum Fund has lost $ 1.4 billion in NOK $ 170 million in shares since the new year, retaining these financial stocks. (Terms)Copyright Dazzles Narningslive AS and / or our suppliers. We like to share our cases using the link that guides our pages directly. Copying or other use of all or part of the Content may take place only with written permission or as permitted by law. For additional terms Check it out here.