Tech

Lyft stock drops on news that COO is leaving

Key Points
  • Lyft Chief Operating Officer Jon McNeill is leaving the company, two sources familiar with the situation tell CNBC.
  • McNeill came to Lyft from Tesla, where he served as president of global sales and services.
  • Shares of Lyft are down more than 2% Monday afternoon following the news.
VIDEO0:4400:44
Lyft COO Jon McNeill said to leave

Lyft Chief Operating Officer Jon McNeill is leaving the company, the company confirmed in a filing on Monday afternoon. Lyft shares closed down more than 2% Monday afternoon.

McNeill came to Lyft from Tesla, where he served as president of global sales and services. He also started and ran eight technology and retail companies, according to Lyft's hiring announcement for McNeill in February 2018.

The news comes just a few months after Lyft's March IPO. The stock had a rocky start to trading but is up more than 5% over the past three months. Lyft's market value has dropped nearly $4 billion since the close of its first day of trading. The stock closed its debut day with a market cap of $22.2 billion but now sits at $18.6 billion.

Bloomberg first reported that McNeill would leave Lyft.

Lyft declined to provide a statement.

Subscribe to CNBC on YouTube.

WATCH: Scooters have taken over South By Southwest

VIDEO3:3403:34
Scooters have taken over SXSW