DME Capital Management bought several new stocks in the second quarter to follow David Einhorn’s value investing strategy. One stock exited by Einhorn in the second quarter was Peloton Interactive (NASDAQ:PTON). While Einhorn is throwing in the towel on the connected fitness company, one member of congress is buying shares.
Einhorn vs. Congresswoman
Like other hedge funds and large investment portfolios, DME Capital Management recently filed its second-quarter 13F to disclose portfolio changes and current holdings as of June 30, 2026. The fund, which is a successor to Einhorn’s Greenlight Capital, is ran by and controlled by Einhorn.
DME Capital Management ended the quarter with 46 holdings and assets of around $3.9 billion.
In the second quarter, DME Capital sold 10,113,940 PTON shares, completely exiting its position. The stake was worth $43.4 million at the end of the first quarter and worth around 1.4% of the fund at the time, as reported by 13Finfo.
Einhorn previously disclosed buying Peloton stock back in 2024. He even rode a Peloton bike on stage at an investment conference and argued that the company was undervalued.
DME Capital changed its Peloton stock holdings multiple times in 2025 and 2026. It cut its position by 52% in the first quarter of 2025 and by more than 90% in the second quarter of 2025.
That position, likely believed to be left for dead was then increased by 4,004% in the fourth quarter of 2025 going from 246,460 shares to the 10 million plus share position.
While its possible Einhorn will buy Peloton stock in the future, it’s less likely after the complete exit from the stock, which could be bad news for investors. Einhorn previously highlighted the company’s transition, turnaround plan and new management as reasons to be bullish. The hedge funder said the stock could increase in value if the company focused on cutting costs and growing EBITDA.
Congresswoman Buying Shares
Einhorn may no longer own Peloton stock, but at least one member of congress does. Rep. Maria Elvira Salazar (R-Fla.) previously disclosed buying between $2,000 and $30,000 in Peloton shares bought on March 19, 2026, as reported by the Benzinga Government Trades page.
The stocks are part of several transactions made by Salazar after she bought no stocks in 2025. Since 2022, Salazar has made over 100 stock transactions totaling more than $8.5 million, according to data from Quiver Quantitative.
Peloton’s Financials
Peloton reported fourth-quarter financials earlier this month. The company beat analyst estimates for revenue, but earnings per share of 13 cents came in-line with estimates.
Full-year guidance for revenue of $2.3 billion to $2.4 billion came in below the $2.44 billion reported in the prior full fiscal year.
The company shared that connected fitness churn was higher in the quarter at 2.2% than previous (1.1%). Peloton also forecast that it would lose connected fitness subscribers in the first quarter.
Once viewed as a potential turnaround stock by Einhorn and others, the stock could be one that continues to fall in value and one that Salazar may want to consider selling, unless if she is also betting on a turnaround.
Peloton Stock Price Action
The company’s stock price trades at $5.36 at the time of writing versus a 52-week trading range of $3.65 to $9.20. Its shares are down 28.6% over the last 52 weeks.
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