Category Archives: Technology
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.
Too bad it’s not Thanksgiving because Facebook Inc.‘s (NasdaqGS:FB) stock is getting roasted faster than a 10-pound turkey.
Team Zuckerberg got hammered yet again, when Facebook’s stock fell another 3.03% during Monday’s trading session to close at $159.99, following news that 11 senior managers have handed in their walking papers.
All told, Facebook is down 6.53% and $11.17 from the high it put in only a month ago. That’s a $11.47 billion buzz cut in terms of capitalization.
Some 23.75% and $49.01 per share in the past 12 months alone.
I believe things could get far worse.