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.
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.
- Lyft blocking real names like 'Cocks', 'Cummings', 'Dick', and more
- Lyft refers drivers to Amazon jobs, over coronavirus stopping riders
- Here's the full report on Jeff Bezos' phone being hacked & who did it
- Jeff Bezos' phone hack might've let the Saudi's eavesdrop for months
- Amazon CEO Jeff Bezos had his phone 'hacked' by the Saudi crown prince
- > NEXT STORY: HTC Vive could reach 'hundreds of millions' of customers with new deal
- < PREVIOUS STORY: Elite: Dangerous might be getting Linux version, hints a job opening