The Peloton slowdown is here, new financials show.

Why it matters: Few benefited from the at-home fitness phenomenon ushered in by the pandemic like Peloton.

• If (or when) the boom times taper off might be a key indicator of whether the colossal workout economy underwent a permanent shift.

What’s new: Peloton’s connected fitness subscribers — people who own a bike and pay a monthly fee for classes — jumped to 2.3 million.

• But check out the chart above. For the first time since the pandemic, the number of users added during the quarter slowed.
• And those subscribers worked out less: an average of 20 times per month last quarter — a drop-off from the same time a year ago (roughly 25 rides), when people were more likely to be stuck at home.

But, but, but: Results got hit by a recall of its treadmill product that put sales on hold — a key reason the company lost money last quarter. Sales resume next week.

• Of note: It's slashing the price of its cheapest spin bike again by $400 to $1,495.

Flashback: Peloton saw unprecedented (and likely unrepeatable) demand for its equipment and classes as the economy locked down, shuttering gyms.

• “The past year represented an inflection point for the connected fitness industry, with significant increases in awareness and demand,” CEO John Foley said in a release.

What to watch: Popular gym chain Planet Fitness said this month it's recouped 75% of members lost during the height of the pandemic, a sign that gyms aren’t dead.

Vaccine mandates aren’t just gaining momentum among big employers.

• An overwhelming majority of small businesses (78%) don’t require employees to show proof of vaccination, per the U.S. Census Bureau’s latest Small Business Pulse survey out today.
• But there was a steep jump in those who reported they are mandating vaccines for workers since the census last asked the question last month.

🛻 Embattled electric truck startup Lordstown has a new CEO: Daniel Ninivaggi, a former auto executive who’s worked alongside billionaire Carl Icahn. (WSJ)

• Shares closed up 18%.

💰 Taiwan Semiconductor Manufacturing — the world’s largest chipmaker — could raise prices by as much as 20%, which may hike costs for consumer electronics. (WSJ)

📣 German publishing giant Axel Springer bought Politico in a deal valued at $1 billion. (Axios)

• Separately, Forbes will go public in a $630 million SPAC deal, trading under ticker “FRBS.” (CNBC)

👀 Lawyers suing Bill Ackman’s SPAC are reportedly planning up to 50 more suits against the vehicles. (Reuters)

Axios’ Mike Allen writes: Bank of America vice chair Anne Finucane will retire at the end of the year, the bank announced today.

• Finucane helped push the industry into climate finance and other forms of sustainable investing.
• She pushed the bank to commit to sustainable capital deployment as part of the business, not just as part of corporate responsibility efforts.

What to watch: Finucane is expected to continue working on climate issues.

Of note: Thomas Montag, COO and president of global banking and markets, will also retire at the end of 2021.

• Taken together, the departures "open the door for new leadership atop the nation's second-biggest bank," the New York Times notes.

Go deeper.

Jersey ads have become increasingly prevalent in North American sports over the past decade or so, and the pandemic appears to be speeding up adoption, Axios’ Kendall Baker and Jeff Tracy report.

• What’s new: The NHL will allow teams to sell sponsorship patches on their uniforms beginning in the 2022-23 season.

The backdrop: Leagues are carving out all kinds of new space for advertisers to recover from pandemic losses.

• The NHL debuted helmet ads last year, the NBA is ramping up virtual on-court ads and MLB umpires now have a cryptocurrency sponsor on their shirts.

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“I was panicking because I had access to something big. … Their security is awful.”