Saudi Prince invests in Lyft, lifting value of the company to $5 billion

 

 

 

 

 

 

 

Saudi billionaire Prince al-Waleed bin Talal has invested in ride-sharing service Lyft, valuing the company at near $5 billion.

The Prince's holding company will pay $105 million for a 2.3 percent stake. Even at a large $5 billion valuation, the ridesharing app has just a fraction of the value and drivers of market leader Uber, who has expanded around the globe.

Al-Waleed is not the first international investor for Lyft, which is U.S.-only currently. Chinese ride-sharing service Didi Kuaidi has also invested and so have smaller local companies around the globe.

By comparison, Uber has a market value of around $65 billion, making it one of the largest private companies on the planet.

Source:
WSJ