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Matt Levine made the point that the CEO has enough shares to control the board, so the point of this deck was to convince _the CEO_ that he no longer wants his job. It worked: he stepped down, and PTON was up 5% on the news.

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He's still the executive chairman, so the CEOs boss. The new CEO doesn't work for Pelotons employees or non-voting stock holders. He works to please John Foley and John Foley alone

I worked for a company in a similar situation a few years back. The new CEO was fired in less than year by the old ceo/new chairman

Oh, interesting plot twist! And it makes so much sense, because if the potential buyers listed were the intended audience, the tone would seem a little condescending: too much "they might fall for it" badly hidden between the lines of "that would be a good acquisition for them"

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