- Carl Icahn sold his roughly 2.7% stake in Lyft ahead of its initial public offering, The Wall Street Journal says.
- Lyft’s share price has plunged more than 20% since debuting on the Nasdaq.
- Icahn’s stake was valued at roughly $550 million at IPO price of $72.
- Watch Lyft trade live.
Carl Icahn sold his roughly 2.7% stake in Lyft ahead of the IPO last week, the Wall Street Journal reported, citing people familiar with the matter. No buyer was reported and the motivation of Icahn’s move was not announced.
Icahn invested roughly $150 million in Lyft in 2015 when the ride-hailing firm was valued at $2.5 billion. While the exact price of the share sale is unknown, Icahn has likely realized a significant gain given Lyft’s $24 billion IPO valuation.
Lyft’s pre-IPO investors, including founders Logan Green and John Zimmer, are subject to a lock-up which prohibits the sale of shares for 180 days from the March 28 IPO date.
Lyft price was down 20% from the $87.24 where shares debuted on Friday.
This story is developing. Check back for updates.
