Peloton doesn't claim to make a profit, but expectations of "profits" are the expectations of "investors", where early "investors" extract gains on their invest

Peloton doesn't claim to make a profit, but expectations of "profits" are the expectations of "investors", where early "investors" extract gains on their investment from new money coming in from later "investors". Just because a scheme is legal under current laws does not mean it is not a Ponzi or Ponzi-adjacent.