Peloton expands nationwide bike rental program and lessons beginning at $89 per thirty days

Peloton Interactive Inc. PTON, -9.59% on Tuesday announced it is expanding its rental program nationwide, offering unlimited access to all of the fitness company’s live and on-demand at-home classes starting at $89 per month for the original Peloton bike allows. The program, which launched in select test markets earlier this year, would offer a monthly membership with no long-term commitment. The $89 per month Peloton Bike membership would require a one-time setup fee of $150 and would cost $895 after 12 months. For Peloton Bike+, after a one-time setup fee of $150, membership would be $119 per month and $1,595 after 12 months. The news comes after Peloton announced late Monday that co-founder John Foley, who stepped down as chief executive in February, has resigned effective immediately and CD founder and chief legal officer Hisao Kushi will be stepping down, effective October 3 down 5.3% premarket and down 69.1% year-to-date through Monday, while the S&P 500 SPX, -2.83%, is down 13.8%.