Lyft CEO David Risher reportedly said Friday that the company is “open to offers” but not actively pursuing a sale. The company’s current valuation is 25 times less than that of its competitor Uber.
Asked Friday if Lyft is open to an acquisition, Risher told Bloomberg, “If someone calls, a public company has to be.” He also said that the firm is not actively pursuing a sale. With a share price that’s dropped almost 90% since the firm went public in 2019, Lyft is currently valued at $3.1 billion; Uber’s valuation is 25 times higher.
The two San Francisco-based companies have duked it out in the ride-hailing market for more than a decade, undercutting each other’s prices, competing for driver and rider loyalty and collaborating toBut over the past few years, Uber’s investments in food delivery and pandemic incentives for drivers have paid off — at the smaller competitor’s expense. Lyft has ceded market share to Uber, according to CNN and market research firm YipitData, falling to 26% from 38% since 2020.
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