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Illustration: Lazaro Gamio/Axios

Lyft allowed a group of select drivers to purchase shares in its recent IPO, but it might not have been the jackpot some had hoped for.

The bottom line: Drivers didn't face a lock-up period, but Lyft shares have mostly traded below their IPO price.

  • Lyft priced its IPO at $72 per share and opened at $87.24 per share. But it soon broke below the IPO price, briefly rebounded, and has since sunk consistently since. It opened trading today at $56.50.

Some opted to buy shares, like Jay Cradeur, a Lyft driver who qualified for the $1,000 cash bonus and purchased 13 shares. He ultimately sold his stake for a small profit at $75 a piece. But it got dodgy when the stock tumbled to $67 in its second day of trading, with Cradeur even setting up a stop-loss at $60. Another driver who commented on Cradeur’s post on the Rideshare Guy’s blog said he sold his at $83.55 a share for a $145 profit.

Others decided not to. Carlo Garibay, another longtime Lyft driver who told the San Francisco Chronicle last month that he would purchase IPO shares, tells Axios that he instead used his cash bonus to pay off bills; adding that he knows other drivers who invested and “got burnt.”

  • Lyft gave out cash bonuses to some longtime drivers who were just shy of the 10,000 ride requirement, but did not let them use it to buy into the IPO. This might have been a blessing in disguise.

What’s next: Uber will have a similar program to let drivers purchase IPO shares when it lists next month.

Go deeper

Andrew Cuomo refuses to resign: "I never touched anyone inappropriately"

New York Gov. Andrew Cuomo announced on Tuesday that he will not resign from his post, despite an independent investigation finding that he sexually harassed multiple women in violation of federal and state law.

Why it matters: Cuomo had previously urged those calling for his resignation — including nearly every prominent New York Democrat — to wait for the results of the investigation overseen by New York Attorney General Letitia James. The findings were damning, but Cuomo said he is not going anywhere.

Miriam Kramer, author of Space
3 hours ago - Science

Boeing is getting its do-over

Boeing's Starliner awaits its launch atop an Atlas V rocket. Photo: NASA/Joel Kowsky

Boeing is set to launch a redo of an uncrewed test of its Starliner spacecraft — designed to one day carry astronauts — to the International Space Station this week.

Why it matters: This is a high-stakes test for Boeing, which failed to get its Starliner to the station during its first uncrewed test flight in December 2019.

4 hours ago - Health

New York City to require vaccination proof for indoor activities

New York City will require proof of vaccination to participate in indoor activities, including visiting gyms and restaurants, Mayor Bill de Blasio announced Tuesday.

Why it matters: The mandate is the first of its kind for a major U.S. city, according to de Blasio. France and Italy announced similar requirements last month.