Shares of smaller rival Lyft Inc, which went public at $72 a share on March 29, was down 7.3% at $47.38. The stock “did not trade as well as we had hoped post-IPO”, Chief Executive Dara Khosrowshahi wrote in a memo to employees that was seen by Reuters. Uber lowered its valuation expectations twice in the past two months to address investor concerns over its mounting losses, and finally priced its IPO at the low end of the targeted range in a bid to avoid Lyft’s stock market struggles.
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