Science

Alphabet mulling investment in ride-hailing giant Lyft

Alphabet mulling investment in ride-hailing giant Lyft”

Look out Uber. Sources claim Alphabet is now in talks about making a major investment in ridesharing company Lyft, something that will be done through either Google or CapitalG. Sources don't go into many details beyond the tipped investment, though it is known that Lyft had informal discussions with Alphabet in 2016. Alphabet is an investor in Uber Technologies Inc., Lyft's largest rival, but its self-driving auto unit, Waymo, is now involved in a legal battle with Uber. Alphabet stock is up 18.6% this year, with the S&P 500 index up 11.5%.

Representatives of both Alphabet and Lyft representative declined to comment on the potential investment. Waymo alleges Uber stole trade secrets when Anthony Levandowski, a former Google engineer, joined the ride-hailing company.

Compared to Uber, Lyft has always been the small dog in the ride-hailing world.

With an extra US$1 billion, Lyft would be able to ensure its independence for the near future, something co-founder John Zimmer has said is a priority. Lyft kicked off a major television campaign this month that stars Jeff Bridges. Uber's new CEO Dara Khosrowshahi is just finishing his second week at the helm.



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