Peloton founder is latest billionaire minted amid the pandemic - Business Insider

thanks to a 172% surge in new memberships to its monthly subscription workout class program that accompanies its bikes.

Investors have piled into the stock, sending it to an all-time high of $98.61 this week, up 183% for the year. With a 3% stake and another 5% tied to options, that's propelled Foley's wealth to $1.3 billion,He's the latest billionaire to be newly minted as the stock market remains largely un-reflective of severe economic pain that's swept across wide swaths of the United States and its 13.6 million unemployed workers.

Zoom, another so-called "stay at home" stock, has also seen gains that outpace broader markets, helping its founder's wealth eclipse the $12 billion mark in recent weeks. Across the board, most US stock gains this year have been in large-cap tech companies, where executives are notorious for large ownership stakes.

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