Lyft Shares Continue to Slide as Short Bets Keep Piling Up
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Lyft Inc. shares continued to drop on Monday, driving the stock 22 percent below the IPO price.
Investors in the ride-sharing company have now seen the stock decline in seven of its 12 trading days since going public late last month. While volatility soon after a trading debut is not unusual, Lyft has already faced particular skepticism about its ability to briskly expand market share and make money. Lyft shares sold off sharply after larger rival Uber Technologies Inc. filed for an initial public offering last week, as investors will soon have another option to bet on the potential of ride-sharing and gig-economy.