To be fair, the high in 2020 was driven by Covid and gyms being closed by all of the Governors (Republicans, too!) and very few standing up to it and just meekly submitting
so folks bought up all of the gym equipment available online
And Peleton for those who could afford it, enough to sell out . . . but being publicly traded, investors saw revenue growth and investors bought in just like Netflix (everybody is staying home watching movies) and various office remote conferencing apps
Why would anybody think Peloton sales would be the same in 2024?
Who actually thought this business was a sustainable growth model? Were they going to sell to every home in America and then grow the market in impoverished third world nations, as if they were selling cans of Coca-Cola?