Lyft shares tumbled Wednesday following skepticism around its valuation and reports that Uber will unveil its public offering Thursday.
Lyft shares were having their worst day yet on Wednesday as the stock tumbled 6% while investors expect its larger rival Uber to formally file to go public on Thursday. Lyft's drop also follows skepticism about the ride-hailing service's valuation from a top authority.
"The driver is a free agent. The customer is a free agent. There is absolutely no stickiness in the business, and they know it. That's the basic problem I have with the ride-sharing business not just Lyft," Damodaran said.
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