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Under the graphic paste ->Illustration: Lazaro Gamio/Axios

Lyft has been a public company for just over a week now, during which its market capitalization has fluctuated between $30 billion (the high, just after the stock opened for trading on March 29) and $22 billion (the low, on Tuesday).

The big picture: Stock market investors can be forgiven for being unclear about how much Lyft is really worth. Lyft doesn't break out how much it's spending on discounts and incentives, for instance, and it doesn't disclose key metrics such as acquisition costs or churn rates, either for passengers or for drivers.

  • The two big sellers of Lyft shares in recent weeks were the company itself, in the IPO, and Carl Icahn, a large early investor with greater-than-usual visibility into Lyft's finances thanks to his seat on the board. Icahn sold his entire stake in Lyft to George Soros shortly before the IPO.

Trading in Lyft shares was rocky in the early days, with the stock falling below its IPO price. (It’s slightly higher now.) At one point, short sellers needed to pay an interest rate of more than 100% if they wanted to borrow the stock. Things got so nasty that Lyft threatened to sue Morgan Stanley, one of the underwriters of the rival Uber IPO, claiming tortious interference in its stock trading.

The next big test for Lyft shares will come when Uber files its own S-1. If Uber provides significantly more transparency into its unit economics than Lyft did, investors are likely to conclude that Lyft had something to hide and rushed to go public before anybody could demand like-for-like comparisons with its larger rival.

The bottom line: "You can be a ride-sharing bull and still hate the Lyft IPO. You can even be a Lyft bull and hate the Lyft IPO," as Rett Wallace, the CEO of private-company intelligence firm Triton, wrote to his clients on Wednesday. "Lyft made obvious, avoidable, and un-forced errors that the other unicorns coming behind will only repeat if they are not paying attention."

Go deeper

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

42 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

A new Washington

Photo: Stefani Reynolds/Getty Image

D.C. Mayor Muriel Bowser said Friday that the city should expect a "new normal" for security — even after President-elect Biden's inauguration.

The state of play: Inaugurations are usually a point of celebration in D.C., but over 20,000 troops are now patrolling Washington streets in an unprecedented preparation for Biden's swearing-in on Jan. 20.