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  • Lyft Is Sliding As Uber Makes Its Stock-Market Debut

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  • Lyft was sliding Friday morning, down more than 5%, as ride-hailing rival Uber made its stock-market debut.

    Uber on Thursday evening priced its initial public offering at $54 a share, giving it a valuation of $75.5 billion.

    That’s well below the $120 billion valuation that Wall Street banks were floating in October.

    Uber’s lowered valuation comes after Lyft has experienced a brutal six weeks as a publicly traded company.

    Shares priced at $72, but put in a record low of $52.78 on Wednesday after the company’s underwhelming first-quarter results.

    The sell-off in Lyft’s stock has been accompanied by looming worries about competition from Uber and the company’s uncertain path to profitability.
    https://www.businessinsider.com/lyft-stock-price-slides-as-uber-readies-for-ipo-2019-5
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