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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.
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