Well Lyft has shrunk from a high of about 88 to 60 inside 2 weeks! That is a huge variance in only a short period of time. Maybe the market has assessed its business model as the commodity that it is. Just because technology is put into something as old as time - getting A to B - doesn't mean it creates real value.
I guess the big institutions who got allocations played the game, sold into the IPO excitement and made their trading gains. It is clear that the "Greater Fool" theory is as strong as it ever was.
It will be interesting to see what Wall Street does to keep the IPO excitement up. There are a number of questionable IPO's that private investors still want to dump on the public markets in this bull market.
Are there are enough "Greater Fools"?
