Acton Skates Shark Tank Update – Acton Skates Net Worth 2024

For many people, moving around in crowded cities can be quite difficult. Daily travel can be stressful due to packed buses, delays, and a lack of parking spaces. People are constantly searching for easier, more affordable, and quicker ways to travel. 

Acton’s founder, Peter Treadway, recognized this widespread issue and made the decision to develop a solution with his unique electric skates. For those who are sick of using conventional modes of transportation, these skates provide a fresh choice for a simple and enjoyable way to go around.

Peter pitched his revolutionary invention, Acton Skates, and asked for a $1 million investment for 3.5% of equity in his business. Peter demonstrated the use of the skates and how they could change city travel. Let’s review what happens next. 

Acton Skates Net Worth 2024

Peter Treadway asked for a $1 million investment in exchange for 3.5% equity in Acton Skates. This meant he valued his company at approximately $28.57 million. Peter did not secure a deal on Shark Tank, as the only offer was from Kevin O’Leary for $1 million for 15% equity, which Peter countered with higher equity demands, leading to no deal. After the show aired, Acton Skates rebranded to Acton Global and shifted its focus to a broader range of electric personal transportation products. With significant expansion and global presence, the current net worth of Acton Global in 2024 is about $50 million.

Acton Skates Shark Tank Update

After the shark tank, Peter expanded and reorganized Acton Skates on a wider variety of electric personal transportation gadgets. Acton Global was the new name of the business, and it stopped supplying electric skates. Rather, they began to provide electric skateboards, electric bikes, and electric scooters in response to the increasing need for environmentally responsible modes of transportation in urban areas and on college campuses.

Acton Global has established a strong market presence in 2024, having successfully launched their electric motorcycles in more than 100 locations across the globe. The business has been operating profitably, with an estimated $6 million in revenue in 2021, and it is still concentrating on growing more. 

Acton Skates didn’t succeed in getting a deal in Shark Tank. Peter Treadway tried his hardest to draw attention to Acton Skates’ potential, but none of the sharks made an offer that fit with his plans for the business. The only shark who made an offer was Kevin O’Leary, who offered $1 million for 15% equity. Peter responded with 6%, 7%, and then 8% because of his previous commitments to other investors but Kevin did not accept it so Peter left the show with no deal. 

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$1 million for 15% equity	1# $1 million for 6% equity 2# $1 million for 7% equity 3# $1 million for 8% equity	No
Lori Greiner	Out	N/A	N/A
Robert Herjavec	Out	N/A	N/A
Ashton Kutcher	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A

Acton Skates Shark Tank Pitch

With a background in technology and design, Peter developed an innovative and entertaining means of short-distance transportation that people might use instead of vehicles or public transportation. Acton was established by Peter Treadway as a solution to the issue of ineffective urban transportation.

The need for a more affordable, eco-friendly, and practical form of transportation that would appeal to city travelers became his motivation. Peter had to overcome a number of obstacles in the early phases of product development, such as technical issues with the skates’ design, obtaining production finance, and persuading people to switch to a new mode of transportation.

Peter went up on his Acton skates in the show asking for $1 million in exchange for a 3.5% stake in Acton. He gave an explanation of the skates’ features and described that these stakes work with the motion of feet to control their direction and speed rather than remote control.

Peter mentioned the skates will take you 10 miles in an hour and have special wireless communication capability. He also discussed the three available models, ranging in price from $499 to $699 and having various ranges.

The product’s technology and quantity of patents impressed the sharks but a $28.5 million high valuation was a problem. Peter also added Acton is expected to achieve $2 million in sales in 2015 after raising $4.5 million in initial funding at a $20 million value.

Robert Herjavec wanted to give stakes a try to see whether the skates were user-friendly. He asked Peter how long it takes someone to learn how to use skates properly. Peter clarified that it varies from person to person and that some may adjust to it quicker than others.

According to Ashton Kutcher, skates are similar to a Segway. He questioned whether an average person could buy these skates or not. Ashton was concerned that the skates might not be popular or useful for most people to use because they were too costly and advanced to use.

Lori questioned Peter’s dedication and inquired as to why he didn’t look excited during the pitch. Peter assured her that he was focused on making the deal.

Mark Cuban focused on business matters and doubted Peter’s long-term strategy and the accuracy of his financial statements as Peter was demanding such a high price for his company.

Kevin O’Leary was primarily worried about the company’s valuation. He believed it was unfair to seek $1 million for just 3.5% of the company. He negotiates with Peter for a higher share. 

Robert Herjavec appreciated the technology, though he was concerned that the company’s price was high, He also didn’t think Peter was serious about making a deal, so he left early.

Ashton Kutcher thought the skates were interesting but he didn’t think many people would be able to use them. He refused to invest because he believed the product was too specialized and not ready for a large market.

Lori Greiner thought the skates were a great idea, she believed Peter wasn’t making a strong enough effort for a deal. She rejected it since she thought he wasn’t genuinely interested in closing a deal.

Mark Cuban decided not to invest because he believed the company’s valuation was too high and investing in this business would be a great risk.

Kevin showed interest in the product and offered  $1 million for 15% equity to Peter but Peter countered with 6% equity which was too low for Kevin. So both of them did not accept each other’s offer. 

What Went Wrong With Acton Skates On Shark Tank?

There are a number of issues with Acton Skates. The primary issue was that Peter Treadway overpriced his business at $28.5 million. The company’s sales and market situation did not support the amount, which the sharks believed to be high.

Sharks were hesitant to invest in Peter’s company since he was also unwilling to give them more shares. Another problem was that some sharks didn’t think the skates were ready for widespread usage or even practical. They believed that most customers would find the skates too pricey and specialized.

Product Availability

Acton shifted its attention from Rocket Skates to other electric vehicles. They will no longer be selling Rocket Skates as of 2024. Acton now sells electric skateboards, bikes, and scooters on their own website Electric Roller Skates, and some other online websites like Amazon. These items are designed to be more easily transportable inside cities and to be environmentally friendly. Acton’s items are available at select retail locations as well as on their own website. Although the models and features of their electric bikes and scooters vary in price, their skateboards and electric scooters are currently among their best-selling items.

Conclusion 

Acton’s experience on Shark Tank was filled with highs and lows as well as valuable business lessons. Peter Treadway learned from the experience and changed the direction of his business even though he was unable to get a deal on the show. Acton explored new ways to grow and flourish in the personal transportation business, including changing their name to Electric Roller Skates and adding electric scooters, bikes, and skateboards to their product selection.

Their products’ current availability in more than 100 cities across the globe attests to their flexibility and resilience. Acton Global has a bright future ahead of them as they carry on innovating and growing their market share in the environmentally friendly transportation sector. In the upcoming years, keep updated on Acton Global for additional developments and updates.