Early Lyft investors are shorting the stock to lock in profits


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"Lyft investors who bought the ride-hailing company’s shares well before its high-profile initial public offering Friday are protecting themselves against a decline in the high-profile stock despite “lock-up” agreements intended to block them from doing just that, numerous sources told The Post. "

"Morgan Stanley, a lead underwriter for Lyft rival Uber, is one of the brokerages selling a “short” product to pre-IPO investors, three sources close to the situation said.
A big bank that helped to underwrite Lyft’s IPO has also been asked for help “shorting” Lyft’s stock by pre-IPO investors — but has declined, a source said."

"The goal is to position the bets in such a way that investors don’t benefit from a decline or a rise in the stock. But simply to lock in their IPO gains, which were significant.
“If I can lock in $70 now, I’m going to do that,” said an investor."

The full article is posted below


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