Gary is not a billionaire.
He may have briefly been one on paper, at the peak of the Covid home-fitness bubble.
As you all recall, Gary's company, ICON, raised money at a $7 billion valuation. That was when Peloton (nearest public comparable to Gary's company) shares were $150+ and Peloton's market cap was in the neighborhood of $45 billion.
All of the home fitness equipment brands suffered big time in 2022. Collectively, Covid gave them a demand pull-forward of 3-5 years, and now we're in the hangover stage.
Today, Peloton's market cap is barely over $3 billion, a decline of about 93% from its peak.
Assuming ICON's valuation has fallen similar to Peloton's, then Gary's "billion dollar" fortune in Icon is now worth a paltry $70-80 million. Arguably, it is worse than that because ICON is a worse business than Peloton. Peloton has better products, more scale, and importantly, a large base of recurring monthly subscription customers. ICON's
attempted IPO at nearly a $7 billion valuation failed (Ticker would have been IFIT).
Edit: IFIT raised more money in early 2022 at a
60% lower valuation. Since that time, Peloton shares have further sunk like a rock. I bet IFIT's private market valuation has fallen even more.
It's likely Gary's stake in ICON is worth less than $50 million today.