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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

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

4 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.