Lyft founders to tighten grip with supervoting shares in IPO: WSJ

Technology

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren

(Reuters) – Lyft Inc founders are preparing to take near-majority voting control of the ride-hailing company when it goes public this year, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

The founders, John Zimmer and Logan Green, together own a stake of less than 10 percent in Lyft.

Zimmer and Green, who serve as president and chief executive officer respectively, are working with underwriters and lawyers on a plan to create a class of shares with extra votes that they will hold, the report said.

Lyft is also expected to appoint one of its existing board members as non-executive chairman, the WSJ reported.

A Lyft spokeswoman declined to comment.

Reporting by Sonam Rai in Bengaluru

Products You May Like

Articles You May Like

Consumer Reports yanks recommendation for Tesla’s Model 3, citing reliability
Netflix Toronto production hub to create 1,850 jobs annually
NHL roundup: Blues shut out Wild, win tenth straight
Fox says Smollett remains in ‘Empire’ cast, counters media report
UBS to appeal after fined 4.5 billion euros in French tax fraud case

Leave a Reply

Your email address will not be published. Required fields are marked *