After becoming one of the most emblematic stocks of the work-from-home boom (which swiftly morphed into the bust of unprofitable tech firms), Peloton is now looking for a minority investor (bagholder?) to buy a sizable stake in the flailing business.

According to a WSJ report, the company is pitching to a range of potential investors including rival companies and private-equity firms as it tries to sell off a stake of around 15% to 20%.

Discussions are still in early stages, and there's no guarantee that a deal will be clinched.

The company, which hasn't booked an operating profit in any year since its 2019 debut on public markets, is looking for more money to help sustain its operations as its attempts a major turnaround. Another influx of capital could also help restore investor confidence and bolster its sagging share price.

Peloton’s value has fallen from a high of around $50 billion early last year to around $5.6 billion this week. The shares lost around 9% Thursday amid a broader market rout.

The company in early February fired its CEO and cut 2,800 jobs in an attempt to boost its valuation. But its shares have continued falling since as a slump in technology stocks has worsened.

Barry McCarthy, the company’s new CEO, has said he plans to cut costs and create a company more focused on a digital presence and less reliant on sales of exercise equipment.

As one Twitter user pointed out, news of the company's trawling for an influx of private equity capital is just the latest sign of how the once-mighty hot tech startup has fallen.

$PTON looking to sell 15-20% of the company to “shore up the business”.

Boy, these guys hit absolutely every cautionary speedbump imaginable on their road from hot to here.

A 2pm Live Ride will be held to ponder what could have been. https://t.co/IpnnhKzORH

— Jeff Macke (@JeffMacke) May 6, 2022