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Wall Street begins dumping shares of Lyft

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Shares of Lyft are tumbling in its first full day of trading as a public company.

Shares fell 10 per cent Monday, hitting levels below its initial offering price of US$72 on Friday. Shares had reached $88.60, up 21 per cent, before giving ground by the end of the day.

The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, some investors were wowed by the company's growth in the past two years.

 

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