**Peloton Shares Surge Following Endorsement from Greenlight Capital's David Einhorn**

Peloton's stock saw a notable surge on Wednesday, climbing over 11%, after David Einhorn of Greenlight Capital declared the fitness company's shares to be significantly undervalued. Einhorn, a renowned hedge fund manager, reportedly conveyed this sentiment to investors while riding a Peloton bike, adding a unique twist to his endorsement.

Founded in 1996, Greenlight Capital disclosed a $6.8 million stake in Peloton as of June 30. Despite the stock's volatile nature and only a slight increase of just over 1% this year, Einhorn's comments have injected a fresh wave of investor confidence into the company's prospects.

Peloton, known for its Bike and Tread exercise machines, is in the midst of a strategic turnaround. Recently, the company announced a partnership with Costco to offer its Bike+ both in stores and online, aiming to attract a younger, affluent demographic with the purchasing power for high-end fitness equipment.

The company is currently managed by board members following the departure of CEO Barry McCarthy earlier this year. Peloton is actively searching for a new chief executive, with an announcement anticipated later this year. In its August earnings report, the company emphasized shifting its focus from aggressive growth to profitability after completing a significant refinancing, which extended its debt maturities and afforded it more time to implement its turnaround strategy.

Peloton has not yet provided any comments on Einhorn's recent endorsement.