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Peloton Stock Surges on TikTok Deal
The exercise equipment giant's shares have risen 25% since Wednesday
JWPlayer
The news of Peloton's new exclusive partnership with TikTok sent the exercise giant's shares soaring for a second straight day.
TikTok's new fitness hub #TikTokFitness Powered by Peloton has driven shares up 25% since Wednesday, to $6.72. As part of the deal, Peloton classes will be hosted on TikTok.
But despite the surge of the past two days, Peloton shares are down a staggering 96% from their record high of $167.42 on Jan. 13, 2021. During the pandemic, the company surged in popularity but has since struggled with problems including recalls and subscriber losses.
TikTok's partnership with Peloton is just another one of the social media company's moves to continue to expand beyond short-form videos of people dancing in their rooms.
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