Peloton Skips A Beat | Sheldon Adelson’s Legacy | Bezos $2 Billion Cash Out

Plus: BodyArmor Sports Drink Cofounder Is Now A Billionaire Thanks To Coca-Cola Deal 

Good morning.

Peloton is facing an uphill climb to restore investors’ confidence after reporting annual revenues would be $1 billion less than forecast. We’re also looking into whether billionaire Miriam Adelson will take on her late husband’s mega donor mantle, and at Jeff Bezos’ latest Amazon share sale. Finally, check out this story calculating BodyArmor cofounder’s three-comma net worth after Coca-Cola's takeover of the Gatorade rival.

In The News Today

New data from Pfizer found that its Covid antiviral pill, Paxlovid, reduces the risk of hospitalization and death from Covid by 89% versus a placebo.

A U.S. judge has scheduled an early January hearing for Virginia Giuffre’s civil lawsuit accusing Prince Andrew of sexual assault, the latest step forward in the case after a month-long dispute over whether the British royal, who denies the allegations, had been served the necessary court papers. 

Top Take-Aways

While in Glasgow attending the COP26 UN Climate Summit, Jeff Bezos sold more than $2 billion worth of Amazon shares—the same amount he pledged through his Earth fund towards initiatives dedicated to restoring nature and transforming food systems.

Peloton CEO John Foley’s net worth tumbled $400 million late Thursday after shares slumped 30% on results warning that the reopening of gyms meant spin bike and treadmill sales would be $1 billion lower than forecast for next year.

The late Sheldon Adelson was a kingmaker political donor to Republican causes and candidates. Since her husband’s death, Miriam Adelson—who is worth an estimated $29.5 billion—has disclosed just one $5,000 donation.

Babylist, the decade-old registry platform that also operates as an e-commerce and content hub for new parents, just announced a $40 million Series C funding round that will help it expand to brick-and-mortar locations.

Electric truckmaker Nikola, which has been under investigation for over a year because of fraud accusations against departed founder Trevor Milton, says it has a tentative agreement to resolve the matter by paying $125 million to the Securities and Exchange Commission.

Autonomous cars and trucks developer Aurora listed on Nasdaq after completing a SPAC merger that secured $1.8 billion of funds, following rival truck tech developer TuSimple to the public markets. Shares closed at $9.60, down 3.1%.

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