{"id":9265,"date":"2017-10-20T07:13:35","date_gmt":"2017-10-20T11:13:35","guid":{"rendered":"http:\/\/students.com.miami.edu\/reporting\/?p=9265"},"modified":"2017-10-20T07:13:35","modified_gmt":"2017-10-20T11:13:35","slug":"lyfts-major-lift-by-google","status":"publish","type":"post","link":"https:\/\/students.com.miami.edu\/reporting\/lyfts-major-lift-by-google\/","title":{"rendered":"Lyft’s major lift by Google"},"content":{"rendered":"

By KAYLA FOSTER<\/p>\n

Google\u2019s parent company, Alphabet Inc., is making a $1 billion investment in Lyft; definitively ending their previous partnership with Uber after three years together.<\/p>\n

In a blog post<\/a> by Lyft, the company announced that Alphabet\u2019s venture capital arm, CapitalG, was funding the investment, which Lyft projects to secure their position in going public by 2018.<\/p>\n

\"\"<\/a>

Google’s parent company, Alphabet Inc., is throwing its financial support behind ride-hailing service Lyft, deepening its rift with market leader Uber.<\/p><\/div>\n

While the ride-hailing service has been in deep conversation with many investment banks, so far none have been named as the company\u2019s I.P.O. However, with CapitalG\u2019s investment, Lyft\u2019s new value of $11 billion, a major jump from last year\u2019s $6.9 billion, may help the company reach its goal by 2018.<\/p>\n

Lyft is still far from Uber, its biggest rival, which is valued around $70 billion. In the past, Alphabet had partnered with Uber through Google Ventures, which invested $258 million, as well as Alphabet\u2019s chief legal officer David Drummond joining the Uber board. Google also gave Uber an \u201cUber tab\u201d under their \u201cMap tab.\u201d<\/p>\n

Relations took a turn for the worse after Waymo, Google’s self-driving car project, sued Uber after allegations came of Uber\u2019s engineers stealing software and trade secrets. Uber has also had many internal disputations, which resulted in the former chief executive and co-founder Travis Kalanick leaving the company.<\/p>\n

Lyft has certainly benefited from Uber\u2019s missteps, and has since increased in 54 percent more Lyft drivers. Lyft also welcomed CapitalG\u2019s partner David Lawee on as one of their board of directors, another ploy to help the company in its race to become public before Uber.<\/p>\n

Multiple news media outlets have picked up the story; however, the investment is still new and will most likely go unnoticed until Waymo and Uber go to trial in early December. If Waymo wins, Uber may have to pay billions of dollars in damages and derail its efforts to build its own fleet of self-driving cars.<\/p>\n","protected":false},"excerpt":{"rendered":"

By KAYLA FOSTER Google\u2019s parent company, Alphabet Inc., is making a $1 billion investment in Lyft; definitively ending their previous partnership with Uber after three years together. In a blog post by Lyft, the company announced that Alphabet\u2019s venture capital … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":136,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[609],"tags":[462],"class_list":["post-9265","post","type-post","status-publish","format-standard","hentry","category-kayla-foster","tag-business-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/posts\/9265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/comments?post=9265"}],"version-history":[{"count":6,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/posts\/9265\/revisions"}],"predecessor-version":[{"id":9283,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/posts\/9265\/revisions\/9283"}],"wp:attachment":[{"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/media?parent=9265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/categories?post=9265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/students.com.miami.edu\/reporting\/wp-json\/wp\/v2\/tags?post=9265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}