Lyft shares hit record low, piling pressure on Uber ahead of IPO
Reuters reports that Lyft Inc’s stock dropped nearly 11% on Wednesday. The slump marks a record low after the ride-sharing company posted a deep quarterly loss. The fluctuations in market prices is putting pressure on Uber Technologies Inc as it prepares to launch its initial public offering. Uber, the world’s largest ride-hailing company, is aiming for a valuation of $80.5 billion to $91.5 billion.