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Expand chart
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

Go deeper

Updated 20 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

48 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.