On January 24, 2022, Blackwells Capital announced that Peloton Interactive's chief executive should be ousted, and the Company explore a sale, citing Blackwells Capital's grave concerns over the Company's direction. Blackwells Capital claimed in a letter that John Foley has failed to effectively lead the Company. Blackwells Capital added that the Company misled investors regarding its capital needs, could not reliably forecast key metrics and had weak internal controls over financial reporting.

Blackwells Capital also urged the Company's board to explore strategic alternatives, saying the Company would be extremely attractive to names like Apple, Walt Disney, Sony or Nike. Blackwells Capital added that it is convinced that one or more of these strategic acquirors could provide more value, with substantially less risk, than the Company is likely to generate for its shareholders on its own.