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Rebecca Zisser / Axios

When new Uber CEO Dara Khosrowshahi last week told the troops not to expect an IPO until at least 18 months from now, it sparked an interesting question: Should Lyft accelerate its own IPO plans, in order to gain a first-mover advantage?

  • The argument here seems to be one of creative destruction. A publicly-traded Lyft could effectively reset Uber's private valuation, thus causing cap table chaos, more board disputes, unhappy employees, etc.
  • Even if it doesn't raise again privately, the public comp could delay Uber's own IPO (i.e., make it wait to grow into its private valuation).
  • Plus, Lyft wouldn't have to go public in the shadow of Uber's much larger numbers (at least not fully-audited ones).

A partial comp on that latter point might be Box going out before Dropbox (hey Drew, we're still waiting!). Had the larger Dropbox gone out first and then traded poorly, then it might have made it harder for Box to price. Box going early also let it better dictate its own narrative.

But... None of this is terribly compelling. Not even to folks close to Box and Dropbox, who I asked about the Lyft/Uber situation. They all feel that, once both companies are eventually public, the "who went first" issue becomes largely meaningless.

Note that this is pure game theory. A Lyft source tells me: "I'm not sure their plans should influence ours — it's not the way we're thinking about it for sure."

Go deeper

38 mins ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.

Former Georgetown tennis coach pleads guilty to accepting admissions bribes

Gordon Ernst (left) former head tennis coach at Georgetown, outside a courthouse in Boston in 2019. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

A former Georgetown University head tennis coach has pleaded guilty Tuesday to bribery charges related to facilitating the admission of prospective applicants.

Why it matters: Gordon Ernst solicited and accepted bribes from William Singer, ringleader of the cheating scheme uncovered by Operation Varsity Blues, and families in exchange for helping prospective applicants get into Georgetown as student athletes, according to the Justice Department.

4 hours ago - Health

CDC says some immunocompromised people can get fourth COVID shot

Photo: Noriko Hayashi/Bloomberg via Getty Images

The Centers for Disease Control and Prevention said in updated guidelines Tuesday that some immunocompromised people who have received either Pfizer or Moderna's COVID-19 vaccines will be able to get a fourth shot.

Details: People over 18 who are "moderately to severely immunocompromised" and have received three doses of an mRNA vaccine may get a fourth shot (of either the Pfizer, Moderna, or Johnson & Johnson vaccines) at least six months after getting their third Pfizer or Moderna dose, per the CDC.