SAN FRANCISCO - Owning a piece of the gig economy became a reality for millions on Friday when Lyft began trading on the public markets, signalling the start of a stream of stock offerings expected from high-profile technology companies this year.
When ride-hailing companies like Lyft and Uber began growing this decade, they hawked their kind of work - where drivers are freelancers who drive only when they want to - as providing flexibility. But with drivers ineligible to receive employee benefits like health care, the businesses have since prompted lawsuits and labour protests.
"They've been trying to shift risk onto workers, and now they are shifting risk onto investors as well." Lyft's high listing price and performance are a"reflection of the appetite" from investors, said Mr Tom White, a senior vice president at D.A. Davidson, a wealth and asset management firm."Right now, I think investors generally are focused on growth."
Mr Green said he planned to further expand Lyft into other modes of transportation, including public transit.
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Source: BusinessTimes - 🏆 15. / 51 Read more »