It’s worth reminding ourselves that a significant rise in corporate value after an initial public offering is a failure of that IPO. Yes, that’s not normally how everyone thinks of it, certainly not the newspaper finance pages. Yet it is still so. If Lyft was sold at $21 billion – sure, not the whole company but – and a day later is worth $30 billion then that’s a failure. Because, obviously enough, the people selling stock were doing so in order to gain money for having done so.…
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