Lyft Shares Sell Off as Driver Strike Highlights Regulatory Risk
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Lyft Inc. shares kicked off a crucial week for the company with a sharp drop in value amid news that drivers of ride-sharing services were planning a massive strike this week.
Shares of the company fell as much as 4.2 percent on Monday, with analysts saying the upcoming strike would serve to highlight the regulatory concerns associated with the ride-sharing business model. Lyft is also set to report its quarterly results on Tuesday, while Uber Technologies Inc.’s initial public offering is expected to price later this week.