Carl Daikeler, a Lansdale resident and Beachbody CEO and chairman, has joined the billionaire club after his company went public following its merger with exercise bike maker Myx Fitness and Forest Road Acquisition Corp, writes Giacomo Tognini for Forbes.

Daikeler, who founded Beachbody in 1998, owns a 43 percent stake in the new company, which is worth an estimated $1.7 billion.

The goal of the merger with the bike maker and the blank check company with ties to former NBA star Shaquille O’Neal as well as former TikTok CEO Kevin Mayer is to create a new company that will become a direct competitor to leading fitness brands, including Peloton and Lululemon.

The new company will combine the digital subscription business and library of live and on-demand workout classes offered by Beachbody with the touchscreen-equipped exercise bikes sold by Myx.

“This marks an important milestone in Beachbody’s mission to help more people achieve their goals and lead healthy, fulfilling lives,” said Daikeler. “With this transaction, we will deploy capital to grow our platform, add connected fitness hardware through the acquisition of Myx and continue to create the most exciting and innovative in-home fitness content.”

Read more about Carl Daikeler in Forbes.