The post Peloton RecallsOver 800,000 Bikes—Stock Slides 6% appeared on BitcoinEthereumNews.com. Topline Peloton’s stock price stumbled 6% on Thursday shortly after the company announced it would voluntarily recall some 833,000 exercise bikes due to an issue that could cause seats to break during use. A seat post issue could cause injuries or falls, the Consumer Product Safety Commission said. Getty Images Key Facts The recall applies to Peloton Original Series Bike+ model PL02 sold between December 2019 and July 2022, according to the company, and impacted bikes will have a serial number beginning with the letter “T.” Peloton has received three reports of seats breaking, leading to two injuries. The recall also applies to about 44,800 bikes sold in Canada, Peloton said, but the company has so far received no reports of seats breaking in that country. Key Background Peloton, which went public with an IPO in 2019, grew rapidly during the COVID-19 pandemic as customers when gyms were forced to close or operate at a limited capacity. The company reported revenue of $915 million in 2019, which then doubled to $1.82 billion in 2020. The company kept growing through 2021, reporting $4.02 billion in revenue before sales began to decline the next year. Revenue in 2024 dropped to $2.7 billion. Peloton’s stock price reached record highs of $162 per share in December 2020, but has declined significantly over the last few years. Its stock was still down 24% year-to-date on Thursday. Tangent This is the second time Peloton has recalled a large number of bikes due to a similar seat post issue. In 2023, the company recalled over 2.2 million bikes of an earlier model over an issue that caused similar hazards. Customers reported 35 instances of seats breaking before the recall, including 13 reports of injuries including “fractured wrist, lacerations and bruises,” according to the Consumer Product Safety Commission.… The post Peloton RecallsOver 800,000 Bikes—Stock Slides 6% appeared on BitcoinEthereumNews.com. Topline Peloton’s stock price stumbled 6% on Thursday shortly after the company announced it would voluntarily recall some 833,000 exercise bikes due to an issue that could cause seats to break during use. A seat post issue could cause injuries or falls, the Consumer Product Safety Commission said. Getty Images Key Facts The recall applies to Peloton Original Series Bike+ model PL02 sold between December 2019 and July 2022, according to the company, and impacted bikes will have a serial number beginning with the letter “T.” Peloton has received three reports of seats breaking, leading to two injuries. The recall also applies to about 44,800 bikes sold in Canada, Peloton said, but the company has so far received no reports of seats breaking in that country. Key Background Peloton, which went public with an IPO in 2019, grew rapidly during the COVID-19 pandemic as customers when gyms were forced to close or operate at a limited capacity. The company reported revenue of $915 million in 2019, which then doubled to $1.82 billion in 2020. The company kept growing through 2021, reporting $4.02 billion in revenue before sales began to decline the next year. Revenue in 2024 dropped to $2.7 billion. Peloton’s stock price reached record highs of $162 per share in December 2020, but has declined significantly over the last few years. Its stock was still down 24% year-to-date on Thursday. Tangent This is the second time Peloton has recalled a large number of bikes due to a similar seat post issue. In 2023, the company recalled over 2.2 million bikes of an earlier model over an issue that caused similar hazards. Customers reported 35 instances of seats breaking before the recall, including 13 reports of injuries including “fractured wrist, lacerations and bruises,” according to the Consumer Product Safety Commission.…

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more