shares were down 3% in mid-day trading on Tuesday after incoming Chief Executive Officer David Risher said the ride-hailing firm was not for sale.
Wall Street initially cheered the management change at Lyft. The company has struggled to shake off a pandemic slump in its business and ceded market share to bigger rival Uber. The step back by the co-founders increased the odds of a potential sale, some brokerages had noted, pointing to a nearly 90% decline in Lyft's market value since it went public in 2019.
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