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Data: Investing.com; Chart: Harry Stevens/Axios

Lyft has fallen spectacularly since its impressive first day of trading, and with most early investors' shares still in lock-up, it may be poised for more losses.

What's happening: The company has disappointed investors and has been seized upon by short sellers, who are making a killing. Short interest had risen to $944 million as of Friday, with 15.5 million shares shorted, totaling nearly 65% of the float, or the shares available for purchase, according to data from S3 Partners.

Yes, but: Lyft is hoping this is just a rough start and can point to the early trials of Facebook to reassure investors that all is not lost. Facebook's stock lost half its value before the end of its 90-day "lock-up" period — a holding time typically 90–180 days during which certain shareholders are barred from selling their stock.

  • When the period ended, Facebook shares fell further, dropping to $19.05 a share. Early investor Peter Thiel cashed out the majority of his investment around that time, and Accel Partners, another of Facebook's early backers, reportedly dumped 50 million shares on the market.
  • Trading volume in the stock after its lock-up ended was unusually high, with 157 million shares trading hands, versus a 30-day average of 31 million, per the New York Times.

What Lyft will be telling investors: The shares Thiel sold for around $400 million would be worth closer to $4 billion today with Facebook trading near $180 a share.

Go deeper: Lyft's rocky IPO

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8 hours ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdownCalifornia orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.