Stocks fell to their lows of the day on Friday on news that Chinese trade officials are cutting short their visit to the U.S.US Marketsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Canadian trade union Unifor said roughly 4,500 of its members have been temporarily laid off because of the GM strike so far.Autosread more
The former top aide of retired United Auto Workers Vice President Joe Ashton, a former member of the GM's board, was charged Friday with conspiracy to commit wire fraud and...Autosread more
The wearables company has reportedly retained advisers to consider exploring a sale of the business.Technologyread more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
Walmart is the latest to pull back from the industry. Federal regulators said they will soon ban flavored e-cigarettes while some nations have outlawed the products...Health and Scienceread more
Legal experts say that California, which has pledged to sue, has a strong case that the administration's move is unlawful.Politicsread more
Solomon launched Payback Records last year as his music career was picking up.Financeread more
A group of 23 states on Friday sued to undo the Trump administration's determination that federal law bars California from setting stiff tailpipe emission standards and...Transportationread more
Lyft is not pulling any punches as it seeks to raise $2 billion at a $23 billion valuation in its initial public offering ahead of its larger rival, Uber.
In its roadshow video ahead of its March 29 Nasdaq debut, Lyft co-founder John Zimmer says, "There are five key reasons why Lyft wins." (Presumably against Uber.) Uber plays the "Goliath" to Lyft's "David" as it reportedly seeks a valuation as high as $120 billion.
Among those reasons, Zimmer says, "We are founder-led. We have one of the largest and fastest-growing multimodal transportation networks. We are solely focused on consumer transportation. Not food. Not trucking. We have a strong brand based on our strong values. And we have the right autonomous strategy."
While not mentioning Uber by name, Zimmer's "key reasons" seem to allude to Uber, which is infamously not founder-led. Co-founder and former CEO Travis Kalanick was pressured to resign from the top post in June 2017 after reports of Uber's discriminatory and hostile workplace culture led investors to doubt the company's leadership. Former Expedia CEO Dara Khosrowshahi now runs the company, which is expected to kick off its IPO in April, according to Reuters.
Uber has also invested significantly in verticals outside of consumer transportation, including its food delivery service, UberEats, and its trucking service, Uber Freight. Uber plans to double down on its fast-growing meal-delivery service, which has already become the fastest growing meal-delivery service in the US, according to a Business Insider research report from April. CNBC reported in October that UberEats wanted to expand from 50 percent of the U.S. population to 70 percent by the end of 2018.
Lyft, by contrast, has remained focused on the consumer transportation space with its flagship ride sharing program and new initiatives like electric scooters. Both Uber and Lyft have invested in the increasingly-competitive autonomous vehicle space, which Zimmer references in the video.
Uber did not immediately respond to a request for comment on Lyft's roadshow video.