What reversed the connected fitness darling's fortune? With everyone trapped at home and away from the gym, Peloton rose from the ashes of the pandemic and transformed itself into a cultural phenomenon. Some called it a COVID story, others believed that its unprecedented success trajectory was here to stay, but no one predicted the series of tragic tribulations that would culminate in CEO John Foley's resignation. With their revenues tripling during the first three months of lockdown, Peloton was tipped for super-stardom, yet their shares plummeted just over a year later. Andrew Edgecliffe-Johnson and Patrick McGee examine the rise and fall of Peloton and, as it approaches a new era, speculate whether it will be remembered as a comeback story or a cautionary tale.