The activist investor behind the exit of Peloton's founder isn't happy with the company's changes so far, and says 'the best option is to sell'

• An activist investor says Peloton has failed to make significant changes under its new leadership.
• In a new presentation, Blackwells Capital said founder and former CEO John Foley was a "distraction."
• The firm recommends a sale, outlining acquisition cases for Amazon, Apple, Google, Netflix, and Nike.

An activist investment firm that has been sharply critical of Peloton founder John Foley says the company has "failed to make meaningful changes" in the two months since Foley left his position as CEO.

In a presentation published Wednesday, Blackwells Capital laid out another scathing critique of the company's performance following the February shakeup, calling Foley a "distraction" with "excessive influence" and questioning current CEO Barry McCarthy's fitness for the job.

The presentation highlighted the company's sliding share price, which is down by 34% for the year, and says shareholders have lost nearly $2 billion of value since McCarthy took the reins in February.

Apparent financial troubles of Foley also were cited, following Insider's reporting in March that Goldman Sachs is pushing Foley to post additional Peloton stock as loan collateral amid the price decline.

One slide even shows a leadership org chart described as "identical to the Foley era."

The presentation concludes by outlining the strategic value Blackwells says Peloton could have under new leadership, saying "the best option is to sell Peloton."

The Financial Times noted in a story on Wednesday that Blackwells has a Peloton stake of nearly 5%.

Of the potential buyers, Blackwells details acquisition cases for Amazon, Apple, Google, Warner/Discovery, Netflix, and Nike, pricing the company at up to $75 per share — three times higher than it was trading on Wednesday.