By Dhirendra Tripathi

Investing.com – Peloton stock (NASDAQ:) traded 1.5% lower in premarket Monday following comments from its new CEO ruling out a sale of the fitness equipment maker.

Barry McCarthy, the co-founder of the company, said that instead of selling it, he will be expanding its content and expanding to new regions. He also stated that the company plans on broadening its product offerings.

According to McCarthy, “where the magic lives” at Peloton is on its digital screens and not its connected bikes or treadmills.

Rumours that this company could be a target for a takeover have circulated in the last week, after it lost more than 80% of its stock market capital from $50 billion. Walt Disney World (NASDAQ) Disney (NYSE:), Sony (NASDAQ:), Apple (NASDAQ 🙂 Nike (NYSE: ) were named among potential suitors. These reports alone have led to a stock increase of nearly 27%.

“If I thought it was likely that the business was going to be acquired in the foreseeable future, I can’t imagine it would be a rational act to move across the country,” he told FT. McCarthy is moving to New York from California.  

“There are lots of other things I could be doing with my time that are quite lucrative than hanging out with a business that’s about to be sold,” he told the paper.