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Icahn Invests $100 Million in Lyft

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Icahn Backs Lyft’s Uber Battle With $100M Investment

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Lyft Inc. raised an additional $150 million, led by an investment of $100 million from billionaire Carl Icahn, raising the stakes in the car-hailing service’s rivalry with Uber Technologies Inc.

The fundraising will help Lyft in a battle for market share with the much larger Uber. A Lyft presentation to investors that was obtained by Bloomberg News in April showed mounting costs for marketing the service. Lyft projects a 512 percent jump in net revenue this year to $796 million.