Lyft reportedly tried to sell itself to Uber and several other companies - and failed
Lyft tried to sell itself to several companies, but came up short, according to The New York Times.Lyft reportedly approached General Motors, Apple, Google, Amazon, Uber, and Didi Chuxing about selling the ride-hailing company. The most serious discussions were with GM, one of the largest Lyft investors, but a written offer was never made.Advertisement
Ride-hailing services have been facing mounting competition in a crowded space. Uber China merged with Didi in a $35 billion deal in early August. Didi, which averages 11 million rides a day in China as of June, was proving to be too steep of a competitor for Uber.
The ride-hailing service, however, isn't in any danger of shutting down with a $1.4 billion cash cushion, the NYT reports.Lyft did not immediately respond to Business Insider's request for comment.
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