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Lyft aims to beat Uber to US stock market with IPO

Lyft still hasn't caught up to Uber in the rapidly growing ride-hailing market, but it's ahead in the race to sell its stock on the public market where the two companies could potentially raise billions to help finance their expansion.

The San Francisco company has taken the first step toward listing its shares on the U.S. stock market by filing confidential documents for an initial public offering. The filing, announced by Lyft Thursday, is expected to become publicly available early next year, a few weeks before Lyft's investment banks price the shares after gauging investor demand.

Both the IPO price and the number of shares that will be sold will be revealed leading up to Lyft's stock market debut.

Lyft's IPO is expected to generate intense interest while helping to set the stage for Uber to go public. Uber has already disclosed it will go public next year, but hasn't indicated when.

The two IPOs will give investors their first chance to buy stakes in the ride-hailing phenomenon that has transformed the way people get around, particularly in big cities.

The trend has already turned Lyft and Uber into prized investments even though the two have yet to prove they can make money. They have created vast networks of people using their own cars to give rides to passengers who summon them on smartphone apps. While the companies take in commissions from the ride fares, their spending has so far outpaced that revenue.

Lyft was valued at $15 billion after raising money from investors in the private markets, a figure that it probably will seek to increase in its IPO. Uber was recently valued at $76 billion, but may sell its shares at a price that would give it a $120 billion valuation in its IPO, according to a recent media report.

Getting a head start with its IPO will allow give Lyft a "first-mover advantage" over Uber and help steer investor expectations about the growth and moneymaking potential of ride-hailing services, said Rohit Kulkarni, managing director of SharesPost, which focuses on privately held companies going public.

Although Lyft still ranks a distant second, it has been gaining market share during the past two years as Uber faced a backlash following revelations of rampant sexual harassment within its ranks , a cover-up of a major computer break-in , allegations of high-tech thievery and a fatal collision involving one of its robotic cars.

The IPO is likely to generate a buzz that could attract more attention to Lyft, and make more people aware that it's a viable alternative to Uber.

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The Latest Headlines You Need To Know

  • Violent storms and tornadoes slammed Missouri late Wednesday, leaving three people dead and pummeling the state's capital, officials said. >> Oklahoma flooding: 2 barges break loose, could hit dam, officials warn According to The Associated Press, a 'large and destructive tornado' hit Jefferson City before midnight, National Weather Service officials said. The twister caused several injuries, trapped residents, destroyed homes and buildings, and knocked out power to nearly 13,000 people, KOMU-TV reported. >> Read more trending news  No deaths have been reported in connection with the Jefferson City tornado, police said in a news conference early Thursday. >> Watch a video from the scene here >> See photos from Jefferson City The news came after officials said three people were killed when a 'suspected tornado' struck Golden City, NBC News reported. >> See the tweet here Tornado damage also was reported in Carl Junction, where several people were hurt, according to NBC News. One social media user shared a dramatic video of the twister sweeping through the area.  >> Watch the video here Earlier this week, storms were blamed for three more deaths – including two in Missouri and one in Iowa – and a possible fourth in Oklahoma, the AP reported. Read more here. – The Associated Press contributed to this report.
  • An Obama-era plan to feature Harriet Tubman on the $20 bill is crumbling. On Wednesday, Treasury Secretary Steven Mnuchin said the 2020 unveiling of the note, timed to coincide with the 100th anniversary of a Constitutional amendment that granted women the right to vote, has been canceled. >> Girl, 3, reaching out to mural of Harriet Tubman caught in emotional photo He pushed back the redesign of the $20 bill at least nine years, offering no guarantees that it will bear the likeness of the celebrated abolitionist. “The primary reason we have looked at redesigning the currency is for counterfeiting issues,” Mnuchin said in response to questions by Rep. Ayanna Pressley, D-Mass. “Based upon this, the $20 bill will now not come out until 2028. The $10 bill and the $50 bill will come out with new features beforehand.” Pressley said it is time for America to better reflect who built it. “People other than white men built this county. And Secretary Mnuchin agrees, yet he refuses to update our currency,” she said in a tweet. “Harriet Tubman, Marian Anderson and Eleanor Roosevelt are iconic Americans and it’s past time that our money reflects that.” >> See the tweet here Andy Ambrose, executive director of the Tubman Museum in Macon, Georgia, called the decision “unfortunate” and noted that Tubman was long denied a military pension before Congress approved a $20 monthly payment. “Harriet Tubman deserves this national recognition that has been long delayed, as she is one of the most courageous, inspiring women in American history,” he said. “But this is part and parcel of the history of this country and the way in which African American women have been, and continue to be, treated and unacknowledged.” Susan Ades Stone, the executive director of the organization that initially proposed putting Tubman on the $20 bill, said Mnuchin’s punt is a calculated political move directed by President Donald Trump. She called for Congress to intervene. >> Read more trending news  “We’re not surprised that Secretary Mnuchin may be kicking the design reveal of the $20 bill to sometime beyond the potential interference of a Trump presidency,” Stone said. “The Tubman $20 design was supposed to be unveiled by 2020 and, even under the most optimistic timetable set out by the Obama administration, was never expected to be in our hands before 2026.” It was in the waning days of the Obama administration that then-Treasury Secretary Jack Lew announced that Tubman would replace Andrew Jackson on the redesigned bills. Stone’s group, Women on 20s, had submitted a petition to the White House in 2015, urging Obama to consider replacing Jackson on the $20 bill with the image of the former slave. Women on 20s also had considered Rosa Parks, who sparked the beginning of the modern civil rights movement; former first lady Eleanor Roosevelt; and Wilma Mankiller, the first female chief of the Cherokee Nation. The initial plan was to replace the image of Alexander Hamilton on the $10 bill as part of the Treasury’s redesign of bills to make them harder to counterfeit. That thinking began to change, in part because of the Broadway smash “Hamilton.” With the play’s success, the profile of Hamilton, the country’s first treasury secretary, began to climb. The focus then shifted to the $20 bill. >> On AJC.com: How much did Tubman get in her monthly pension for serving as a Civil War nurse? Tubman would have been the first African American on U.S. currency and only the second woman. Martha Washington appeared on the face of the $1 Silver Certificate of 1886 and 1891, and on the back of the $1 Silver Certificate of 1896, according to the U.S. Mint. Known as Moses, Tubman escaped slavery in Maryland then spent a large part of her life returning to the South as a conductor on the Underground Railroad, a secret network that helped fugitive slaves get to free states. Tubman rescued approximately 70 people on more than 13 trips back to Maryland, according to Kate Clifford Larson’s 2003 biography, “Bound for the Promised Land: Harriet Tubman, Portrait of an American Hero.” It has been nearly a century since one of the faces on U.S. paper currency has changed. In 1928 — for reasons that remain unclear — Grover Cleveland was replaced on the $20 bill by Jackson, America’s seventh president. Ironically, Jackson opposed the use of paper currency. Those who wanted to see him replaced pointed out that he owned hundreds of slaves who worked his Hermitage plantation in Nashville. The Indian Removal Act of 1830 authorized Jackson to grant unsettled land west of the Mississippi River to southern tribes who agreed to give up their ancestral homelands. The mass removal of the Cherokee tribe to Oklahoma became known as the Trail of Tears. >> On AJC.com: Trump White House putting the brakes on Tubman on $20 Throughout the 2016 presidential campaign, Trump praised Jackson, whom he considers a hero and is said to have modeled his populist administration after. A portrait of Jackson hangs in the Oval Office, and Trump placed a wreath on his tomb to mark Jackson’s 250th birthday in 2018. He has said that the decision to put Tubman on the currency was “pure political correctness” and proposed putting her portrait on the $2 bill, which has the lowest circulation volume of any bill. Stone rejects that idea. “Now it is up to Congress to act on the Harriet Tubman Tribute Bill that is presently before the House Financial Services Committee, to compel the Treasury Department to accelerate the timetable and at the very least show us a Tubman bill design in time for the centennial of the 19th Amendment in 2020,” Stone said. “As we’ve been saying for years, symbols do matter.”
  • An employee at a Florida Wendy's is in hot water -- literally and figuratively -- after a video has gone viral showing him bathing in the restaurant's kitchen sink. The video, taken by a female employee at a Wendy's in Milton, shows a young man wearing shorts climb into the sink as the camera operator can be heard saying, 'Take a bath. Get in there!' She then tells him to 'wash your armpits,' which he does. Just before the video ends, she gives him a handful of paper towels to dry himself off and briefly turns the camera on herself. Mobile users see video here. The operations manager for Wendy's says officials are aware of the video and they're ‘investigating.’ He refused to comment further.
  • A Florida man is recovering after he accidentally shot himself in the leg -- while trying to move his concealed gun to a safer place. Arnel Villarreal was standing outside his vehicle in the parking lot of Summerlin Academy in Bartow on Tuesday, waiting to pick up a family member, police say. When the 39-year-old remembered his .9mm semi-automatic pistol was tucked in his waistband, he decided to remove it and put it in his car. In doing so, Villarreal apparently grabbed the trigger, causing the weapon to discharge into his leg. He's listed in stable condition.  Although Villarreal has a license to carry a concealed weapon in Florida, Bartow police say they're deciding whether to file charges against him. According to the Department of Agriculture and Consumer Services, Villarreal is among more than 1.9 million Floridians with concealed weapon permits -- the most of any state. Mobile users see video here.
  • Two weeks after a Massachusetts teen was mauled to death by a pack of dogs, Dighton's Board of Selectmen has decided what to do with those animals. >> Watch the news report here On May 9, 14-year-old Ryan Hazel was helping take care of the dogs when he was attacked, officials said. Hazel later died from his injuries. >> On Boston25News.com: Students to honor 14-year-old killed in fatal dog mauling Dighton Animal Control said none of those dogs were licensed and have been quarantined since the attack. The board discussed the animals' fate at a town meeting on Wednesday night after a tearful tribute to Hazel.  With support from the Dighton Police, Animal Control and the Bristol County District Attorney's Office, the board voted to put the dogs down without hesitation.  >> Read more trending news  'It was a tough decision however it was the right decision. I won’t be losing sleep over the decision. I don’t think any member will be,' said Board of Selectmen Chairman Kenneth Pacheco.  'Dighton is known as a small town with a big heart, and Dighton’s big heart continues to grieve for Ryan Hazel and his family,' said Nancy Goulart of the Board of Selectmen. 

Washington Insider

  • For the second time in three days, a federal judge rejected arguments by lawyers for President Donald Trump, refusing to block subpoenas issued by a U.S. House committee for financial records held by U.S. banks which did business with the President's companies. 'I think the courts are saying that we are going to uphold the rule of law,' said Rep. Elijah Cummings (D-MD), Chairman of the House Oversight Committee, which has subpoenaed information from the Mazars USA accounting firm. Wednesday's ruling from federal Judge Edgardo Ramos, put on the bench by President Barack Obama, related to subpoenas by two other House panels to Deutsche Bank and Capital One, for records related to Mr. Trump's businesses. Lawyers for the President, the Trump Organization, and Mr. Trump's family had asked that the subpoenas be quashed - the judge made clear that wasn't happening, and also rejected a request to stay his ruling to allow for an appeal. As in investigative matters involving the President's tax returns, and other subpoenas from Democrats, Mr. Trump's legal team argued that there is a limit on the investigative power of the Congress. 'Congress must, among other things, have a legitimate legislative purpose, not exercise law-enforcement authority, not excess the relevant committee's jurisdiction, and not make overbroad or impertinent requests,' the President's lawyers wrote in a brief filed last week. But as with a case in federal court in Washington earlier this week, that argument failed to sway Judge Ramos, who said Deutsche Bank can turn over in the information sought by the House Financial Services Committee and the House Intelligence Committee. In the halls of Congress, Democrats said the legal victories were clear evidence that the resistance of the White House to Congressional investigation could only succeed for so long. 'The White House has attempted to block Congressional oversight, but the law is on our side,' said Rep. Joe Courtney (D-CT). And Democrats also were pleased by the quick action of both judges this week, amid worries that multiple legal challenges by the President could cause lengthy delays. 'We should not be slowed down in our work simply by a clock that goes through judicial processes,' said Rep. Madeleine Dean (D-PA). The legal setback for President Trump came several hours after he cut short a White House meeting with top Democrats on infrastructure, saying he would not work with them on major legislation until the House stopped a variety of investigations. 'Get these phony investigations over with,' the President told reporters in the Rose Garden. Mr. Trump seemed especially aggravated by statements earlier on Wednesday by House Speaker Nancy Pelosi, who accused the President of resisting subpoenas and other document requests for a reason. 'And we believe the President of the United States is engaged in a cover-up, in a cover-up,' Pelosi told reporters at the Capitol.