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Saudi Arabian prince invests $104 million into ride-sharing giant Lyft

Lyft receives a huge $104 million investment from Saudi Arabia's Prince al-Waleed bin Talal
By: Anthony Garreffa | Business, Financial & Legal News | Posted: Dec 27, 2015 5:31 pm

It looks like ride-sharing giant Lyft is getting a huge injection of funding from Saudi Arabia's Prince al-Waleed bin Talal, who announced that his Kingdom Holding Co. will secure a 2.3% stake in Lyft.

 

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The 2.3% stake will cost al-Waheed's company $104.9 million, which is one part of the largest investment by an unnamed group for $247.7 million, taking a 5.3% stake in Lyft. These investments boost Lyft's estimated valuation to $4.92 billion. With Lyft only operating in the US right now, and the San Francisco-based company scaling back its overseas expansion plans, this investment should be quite a nice surprise over the holidays for Lyft.

NEWS SOURCES:Blogs.wsj.com

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