(Reuters) – Lyft Inc’s stock slumped to a record low on Friday as Uber Technologies, another company hemorrhaging billions of dollars, fell in its Wall Street debut.
Uber fell 8% from the $45 price set in its IPO late on Thursday, which valued the company at roughly $82 billion, just above the $76 billion valuation it attained in its last private funding round
“Uber is considered the leader and the one in the strongest market position. If investors are not getting behind it on the lower valuation, that creates a challenge for the smaller Lyft in investors’ minds,” said Wedbush analyst Ygal Arounian.
Lyft’s falling stock this week put pressure on Uber as it finalized the price of the most anticipated IPO since Facebook’s debut in 2012.