The Peloton Recall: Peloton Recalls Treadmills & We Roast Them While Explaining it All With Memes — The Minister of Capitalism
In this episode, I roast Peloton and we feast on some delicious irony.
Hi! This is Your Minister of Capitalism, Brett Davison. And if you like the sarcastic flavor of the capitalism I’m serving up, I suggest you find a seat at the table over at TheMinisterofCapitalism Dot com.
So Peloton’s stock is taking a beating today — it’s been down as low as $81.78 from it’s previous close of $97.80
And it’s all because they’ve had to recall over 125,000 treadmills.
Over a month ago, major concerns were raised about the safety of their treadmills.
But rather than addressing them, Peloton tried to ignore it all.
Here’s a video that shows a child getting stuck under the treadmill. (See video above)
Instead of issuing a recall a month ago, Peloton claimed the warnings were “inaccurate and misleading.”
Ultimately, Peloton wanted to keep selling their machine that costs $2,495.
It’s ironic that on it’s website, Peloton lists “Put Members First” as one of their core values.
And yet when a safety issue came up, they tried to debate the need for a recall.
Finally under a significant amount of pressure, Peloton caved and recalled their treadmills.
The Consumer Product Safety Commission released a statement saying that Peloton’s recall only came about as a result of the CPSC having to intensely negotiate with them.
Sounds like Peloton says all the right things about putting customers first, but when it comes to actually following through, they’d put their profits first ahead customer safety.
Unless someone forces them to do it.
And as a result, Wall Street has punished their stock today.
I remember I had a boss who was the same way.
His mantra was: “If I ignore it, it will go away.”
So if he didn’t feel like doing something, he wouldn’t bother.
Call a customer back who wanted to buy from him? Nah, forget it.
Do some of the work he’d been procrastinating on? Well, maybe tomorrow.
Needless to say, it wasn’t long before the customers DID go away.
Just like Peloton, he was great at saying the right thing, but following through?
He was notorious for telling his employees all of the things he was going to do.
But all that was left behind in his wake was a steady stream of half-started projects.
He’s preach about how he’d always tackle the toughest part of a project first.
But then he’d go back to searching the old interwebs for a new accessory for his truck, or being glued to the next notification to come through on his phone.
The irony was lost on him, but not on his employees.
And, oops, looks like Peloton is experiencing the same thing today.
Once again this is This is Your Minister of Capitalism, Brett Davison. And if you like the sarcastic flavor of the capitalism I’m serving up, I suggest you find a seat at the table over at TheMinisterofCapitalism Dot com.
Originally published at https://theministerofcapitalism.com on May 5, 2021.