Lyft shares hit record low, piling pressure on Uber ahead of IPO

Credit: Wochit Business
Published on May 9, 2019 - Duration: 00:39s

Lyft shares hit record low, piling pressure on Uber ahead of IPO

Reuters reports that Lyft Incโ€™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 worldโ€™s largest ride-hailing company, is aiming for a valuation of $80.5 billion to $91.5 billion.

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Lyft shares hit record low, piling pressure on Uber ahead of IPO

MARCH 29, 2019, FILE PHOTO

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