Lyft’s slumping stock price cost General Motors $214 million last quarter (LYFT, GM)

Lyft

General Motors’ third-quarter financials were adversely affected by Lyft’s struggling stock price.
The stock’s 28% rout during the three-month period cost GM $0.15 a share, or roughly $214 million.
Despite the slump, GM’s investment, originally made in 2016 for self-driving innovation, is most likely still in the green.
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Lyft’s terrible performance as a publicly traded company had a massive impact on General Motors’ balance sheet in the third quarter, that the automaker said Tuesday.

Even the ride-hailing giant’s 42 percent rout since going public in March — adding a 28% decrease in the latest reporting period — price GM $0.15 per share, or about $214 million based on the current amount of shares outstanding. GM owns 6.6% of Lyft. See the rest of the story at Business Insider

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