Rideshare giant Lyft went public today — and major investor GM could rake in $1.3B

Lyft, the nation’s second-largest ride-sharing service, launched its initial public offering on Friday, valuing the company at more than $20 billion.

Los Angeles Mayor Eric Garcetti speaks as Lyft lists on the Nasdaq at an IPO event in Los Angeles on March 29, 2019.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Other automakers have taken a similar approach, with GM’s arch-rival Toyota, for one, partnering with Uber. When it was first announced, GM’s then-president Dan Ammann said the automaker wanted to put some of the autonomous vehicles it is developing into service through Lyft. That fit into the ride-sharing service’s own strategy.

But while Lyft is now running its own autonomous vehicle development program, GM has stepped back. “Right now… we have no active projects under way,” Barra said in June.

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