DETROIT: As Lyft Inc cruises toward an initial public offering this month, one of the big winners will be General Motors Co, whose stake in the ride-hailing firm could be worth as much as US$1.27 billion.
With a 180-day lock-up period during which GM cannot sell and the expected April IPO of larger rival Uber Technologies Inc further stoking interest in the ride-hailing sector, the value could subsequently rise. However, Jacques Elmaleh, portfolio manager with Steinberg Global Asset Management, with almost 24,000 GM shares at the end of 2018, said it is too early to write off the relationship.Some of GM's larger investors - the United Auto Workers retiree healthcare benefits trust, hedge fund manager David Einhorn and T. Rowe Price Group Inc - declined to comment. Warren Buffett's Berkshire Hathaway Inc did not respond to a request for comment.
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