Lyft Shares Surge At Debut, Settles Before Close – Founders Make A Billion Dollars
Yesterday we wrote about Lyft’s IPO. The IPO was yesterday and the first day of trading happened today.
We told you that Lyft had decided on an IPO price of $72 dollars per share. Well today we can report that by the time the listing had hit the NASDAQ, prices for (NASDAQ:LYFT) had swelled to $86.70 a share.
While $72 a share gave the ride hailing company a $20 billion valuation, market cap at open was a nicely boosted $26.6 billion total. Prices did relax throughout the day as waned, settling to $78.29 per share at market close.
Two Lyft founders worth over a billion dollars combined
The two founders of the company, president John Zimmer and CEO Logan Green, combined to increase their net worth by over a billion dollars after the IPO was completed.
- Logan Green: 684,591 class A shares and class B shares worth $655.5 million at market close.
- John Zimmer: 684,591 class A shares and class B shares worth $452.1 million at market close.
Versus the IPO price, the two founders shares rose in value by almost a hundred million dollars today.
Another large stakeholder is that of the old guard. General Motors (NASDAQ:GM) has a nearly 8 percent stake in the company and its holdings were valued at around $1.5 billion by the end of the day. Not too shabby for the roughly $500 million initial investment by GM into Lyft!