Lyft becomes the first ride-hail company to go public, beating Uber
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Summary
Lyft filed IPO documents with the Securities and Exchange Commission Friday, beating its main rival Uber in the race to become the first app-based ride-hail company to go public. It’s a complicated workaround to a unique problem facing the ride-sharing company, which can’t grant stock to their drivers due to SEC rules that prevent giving private company stock shares to freelancers.Despite launching before Uber, Lyft has always been overshadowed by its much bigger competitor.
As said here by Andrew J. Hawkins