Peloton's stock fell more than 20% Thursday. The sharp drop came after CNBC reported that the company is pausing production of its less-expensive exercise bike for two months because of waning demand.
Peloton's Bike retails for $1,495.
The news outlet says Peloton had already paused production on its other products, including the Bike+ and its treadmills.
Peloton saw massive success during the early days of the pandemic as many people were forced to exercise at home.
However, Peloton's stock has lost 76% of its value in just over a year, CNN reports.
Beginning Jan. 31, Peloton will begin charging $250 to deliver and set up its original Bike. The fee was previously included in the price of the Bike.
