Society | Apr 03

Rakuten says it will book $990 million gain on Lyft investment

Japan’s Rakuten said on Monday it will book a 110 billion yen ($989.74 million) gain in the quarter through March on its investment in Lyft following the U.S. ride-hailing firm’s listing last week.

Rakuten become Lyft’s largest shareholder with a 13 percent stake ahead of its IPO. Lyft shares closed 9 percent higher at $78.29 in their market debut on Friday, giving the loss-making firm a market capitalization of around $22.2 billion.

Rakuten’s shares have climbed 38 percent this year on rising investor expectations of returns on its tech investments.

Those bets include ride-hailing firm Careem, which is being acquired by Uber for $3.1 billion, and image sharing website Pinterest, which has filed for an IPO.

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