Last week, it had been reported that Lyft co-founders John Zimmer and Logan Green are planning to issue supervoting shares for themselves. Such shares provide them more control over the future of the company following its public offering.
The founders of other Silicon Valley companies including Alphabet, Facebook, and Snap hold supervoting shares.
Lyft and Uber are racing towards IPO
In a recent interview with CNN’s Poppy Harlow, Lyft Zimmer said he doesn’t admire Uber, which was valued $120 billion by bankers. Both companies are racing to go public this year. Zimmer is not worried about Uber beating his company to an IPO or the other way around.
He said, “Of all things that we’ve faced over the last six years, this is not something I’m concerned about.” He refused to share information about Lyft’s IPO, but he expressed his belief that “going public brings a certain amount of proper accountability to businesses.”
Most people perceive Lyft as a friendlier ride-hailing company because Uber’s image was tainted with numerous scandals.
