Shares of Lyft (NASDAQ: LYFT) were on the move today after the ride-sharing operator announced a change in management. It said that the two co-founders would relinquish their roles in day-to-day operations and David Risher, a former Amazon and Microsoft executive, would become the next CEO. It was down 4% by 1:46 p.m. ET after Risher said the company wasn't interested in selling itself.
Uber Technologies' Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters. Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services. Careem's discussions with the company, formerly known as Etisalat Group and now called e&, are at an advanced stage and a deal could be announced soon, said the sources, declining to be named because the matter is not public.
Lyft (LYFT) continues to struggle, as evidenced by the 12.9% year-to-date decline in its shares.