Investors are getting ready to throw billions of dollars at a company that’s not worth the cost of the paper its stock certificates will be printed on. Worse, this same company has just 4,000 employees and has lost $911 million…during the past 12 months alone.
I’m talking about Lyft, of course.
The ride-hailing service is billed as a lucrative side-hustle where anyone can make fast cash giving people a lift around town. You can use your own car, set your own schedule, and work whenever you want. Chances are you’ve either called Lyft or ridden in one of “their” cars. Perhaps you’ve even started your own side-hustle as a Lyft driver.
The hype surrounding its expected initial public offering, possibly on March 28th – just three days from now – is staggering. Many investors, of course, can’t wait to jump in.
Investors are on edge this morning, after last Friday’s 350-point rout, wondering if the negative news about “slowing global growth” could carry on to this week. Keith joins Varney & Co. at open, letting you in on why this might not be as bad as many think, and which companies to align your money with to sidestep the worries. Plus, a “line in the sand” for The Boeing Co. (NYSE:BA) and Amazon.com Inc. (NasdaqGS:AMZN)’s “struggles” with online grocery ordering. Click here to watch.