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Shares of Peloton, which rallied last week on speculation of a possible takeover, fell roughly 5% on Monday after new CEO Barry McCarthy said in an interview that he took the top job at the company to seize a long-term growth opportunity and not to oversee a sale that he says looks unlikely.

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Barry McCarthy, the former CFO of Netflix and Spotify who replaced John Foley as Peloton’s chief executive last week, told the Financial Times on Monday that he didn’t take the job to “oversee a sale.”

Shares of the at-home fitness company, which surged last week amid reports of a possible acquisition from potential buyers including Amazon, Nike and Apple, fell roughly 5% after McCarthy dismissed the possibility of a sale.

McCarthy added that he wouldn’t have moved from California to New York if he wasn’t serious about turning the company around and delivering “higher margins.”

Any decision to sell the company remains with cofounder John Foley, other members of the management team and board who control 80% of the voting power, but McCarthy is confident that they will support his growth plans.

Peloton’s new CEO pledged to pursue long-term growth at the company by doubling down on content, expanding globally and increasing the company’s product portfolio.

McCarthy told the FT that Peloton is “a connected fitness company, not a bike company” and “the magic lives” on the company’s digital screens, not its exercise equipment.