Wall Street begins dumping shares of Lyft
NEW YORK (AP) — Shares of Lyft are tumbling in its first full day of trading as a public company.
Shares fell 10 percent Monday, hitting levels below its initial offering price of $72 on Friday. Shares had reached $88.60, up 21 percent, before giving ground by the end of the day.
The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, some investors were wowed by the company’s growth in the past two years.