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Lyft share price crash sucks the air out of Uber’s IPO

Expectations of the valuation investors are likely to put on Uber when it lists are falling in line with the shares of its closest competitor that beat it to public ownership.

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On a business trip to New York, I find myself having lots of conceptual discussions about digital banking and automated capital markets

“What is Amazon?” one banker asks, I hope rhetorically. “Clearly it is not just an online shop.”

To my relief, he answers himself: “It is a price discovery tool.” His colleague objects, however. “Surely, it is an automated supply chain.”

I have stopped listening. It is late and I have agreed to meet another banker at the ghastly and characterless Hudson Yards where we wander round the new and much heralded arts complex, The Shed. This turns out to be utterly bland and forgettable.

The Shed arts center at the Hudson Yards development on Manhattan's West side

Afterwards the banker has to get to a party in Brooklyn. She slips out her new smartphone and hits the Lyft app.

“Not using Uber?” I ask the person who first introduced me to ride hailing and who used to spend her life in Ubers.

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