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Jon McNeill is stepping down as chief operating officer of ride-hail company Lyft, less than 18 months after joining from Tesla, according to CNBC.

Why it matters: No one was expecting such a high-level departure so soon after Lyft's IPO, which explains why the stock is down more than 2% on the news

Update: The company made the news official via a filing to the SEC. 

Lyft shares sink on report of top exec departure

Chief operating officer Jon McNeill joined less than 18 months ago from Tesla.

Photo by Hutton Supancic/Getty Images for SXSW.

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Lyft

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Jon McNeill is stepping down as chief operating officer of ride-hail company Lyft, less than 18 months after joining from Tesla, <a class="gtmContentClick" data-vars-link-text="according to CNBC" data-vars-click-url="https://www.cnbc.com/2019/07/29/lyft-stock-drops-on-report-coo-is-leaving.html" data-vars-content-id="781edd24-1e1f-431b-9399-42fedbaaba7a" data-vars-headline="Lyft shares sink on report of top exec departure" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cnbc.com/2019/07/29/lyft-stock-drops-on-report-coo-is-leaving.html" target="_blank">according to CNBC</a>.Why it matters: No one was expecting such a high-level departure so soon after <a class="gtmContentClick" data-vars-link-text="Lyft&#x27;s IPO" data-vars-click-url="https://www.axios.com/lyfts-rocky-ipo-38797129-9dab-4658-87b3-5fb4542afeaa.html" data-vars-content-id="781edd24-1e1f-431b-9399-42fedbaaba7a" data-vars-headline="Lyft shares sink on report of top exec departure" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/lyfts-rocky-ipo-38797129-9dab-4658-87b3-5fb4542afeaa.html" target="_self">Lyft&#x27;s IPO</a>, which explains why the stock is down more than 2% on the newsUpdate: The company made the news official via a <a class="gtmContentClick" data-vars-link-text="filing to the SEC" data-vars-click-url="https://www.sec.gov/Archives/edgar/data/1759509/000119312519205639/d754911d8k.htm" data-vars-content-id="781edd24-1e1f-431b-9399-42fedbaaba7a" data-vars-headline="Lyft shares sink on report of top exec departure" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.sec.gov/Archives/edgar/data/1759509/000119312519205639/d754911d8k.htm" target="_blank">filing to the SEC</a>.

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Lyft shares sink on report of top exec departure

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