May 7, 2019: In March, Lyft (the rideshare firm) went public. The company said it was “ready to be held accountable” for the fact that it had no history of profits. After finishing up reasonably on its first day of trading, it has been almost all downhill, with shorts piling into the stock and a loss for Lyft investors near-30% below its first-day closing price. As Lyft stock decreased in price, the stock market has continued to reach new highs, and other closely watched tech IPOs have fared far better, with Pinterest still well above its first-day trade and Zoom Video soaring. Lyft co-founders John Zimmer and Logan Green sure wanted to profit. Many Lyft investors think that profit may not arrive until earliest 2022.
Lyft and Uber are big competitors. These days, instead of saying you'll call a taxi, you simply say you'll call an Uber or Lyft. The two brands have dominated the market of ridesharing completely. Lyft in Toronto appears to be located at 42 Hayden St. It is kind of difficult to reach them by phone to talk to a person. You can listen to their automated robots easily.
Drivers for ride-hailing companies including Uber, Lyft and others are planning coordinated strikes in at least 10 cities this week to call attention to low pay and other issues. Their status is as independent contractors as opposed to full-fledged employees with benefits like paid time off or sick leave.
There is a new feature coming to Lyft. Lyft passengers will soon be able to request a ride in an electric or hybrid vehicle if they want. The ride-hailing company is launching the feature first in Seattle and then in other cities. This feature will not be more expensive than taking a ride in a traditional vehicle. Uber launched a feature in June that notifies passengers if they are in an electric vehicle.