Tag: NASDAQ

By on March 29, 2019

Back in 2016, General Motors invested half a billion bucks in Lyft, the rideshare company bent on taking Uber to school. When the deal was made, the companies portrayed it as a long-term strategic alliance. Since then, investments have been made in Lyft by GM’s competitors (namely Ford), and GM has made investments in potential Lyft competitors like Cruise Automation. Pro tip: don’t try to draw this particular family tree.

Today, Lyft went public on the stock market, seeing an astounding open of $87.24 a share. As a gearhead, why should you care about this? Well, remember that investment GM made in the company? The General now owns 18.6 million shares, which now translates into a net value of over $1.5 billion.

In a company besieged by idling plants and layoffs, suddenly finding an extra billion-and-a-half bucks on the books is surely a big deal.

(Read More…)

By on March 15, 2018

There’s something about EV manufacturers that elevates the turnover rate of high-ranking employees. It seemed like we reported on Faraday Future losing executives almost daily for two consecutive years, but Tesla now appears to have its own difficulty retaining talent. The automaker lost two of its senior financial executives this month as it prepares to report on the Model 3 sedan’s progress (or lack thereof).

Is this the beginning of the end for the EV manufacturer? Probably not. It’s easy to obsess about Tesla’s status and speculate endlessly on the health of the brand, but the company’s all-important stock price has yet to crash and Elon Musk has promised to remain at its helm for the foreseeable future. However, the firm may need to do some housekeeping to ensure it doesn’t lose the trust of its investors.  (Read More…)

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