As Lyft Goes Public, Founders Get Very Rich

$510M for John Zimmer and $700M for Logan Green, reports 'Forbes'
By Newser Editors,  Newser Staff
Posted Mar 29, 2019 12:00 PM CDT
Lyft co-founders John Zimmer, left, and Logan Green cheer as they as they ring a ceremonial opening bell in Los Angeles, Friday, March 29, 2019. The San Francisco company's stock began trading on the...   (AP Photo/Ringo H.W. Chiu)
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(Newser) – Think ride-hailing is the future of transportation? It's now possible to put some money behind your faith. Lyft began trading publicly on the Nasdaq exchange Friday, and investors seemed receptive. Shares opened at $87.24, roughly 21% higher than the $72 the company settled on for its IPO, reports the Wall Street Journal. After that initial pop, shares settled down closer to $83, notes CNBC, which figures the company's valuation to be $25 billion. Co-founders Logan Green and John Zimmer won't become instant billionaires, notes Forbes, but they should be OK: The site estimates Green's stake to be worth $700 million and Zimmer's $510 million. Uber, meanwhile, is expected to go public later this year. (Read more Lyft stories.)

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