Google's parent company considers $1B investment in Lyft
- Author: Darren Santiago Sep 16, 2017,
Sep 16, 2017, 0:30
Alphabet and Lyft declined to comment on the report. Lyft is the most despised adversary of Uber, which is associated with a progressing legitimate tussle with Waymo; in this way, it bodes well for Alphabet to put resources into Lyft. Previously, Google had invested a whopping $258 million in Uber via Google Ventures and now the company is suing Uber for, allegedly, stealing trade secrets from Google's self-driving vehicle company, Waymo.
Uber is nearing an investment from Japan-based SoftBank Group as well as other for the reported amount of more than $12 billion, of which it would allow the existing shareholders of the business to all cash out. While the investment is reportedly far from a done deal, the money could come from Google or CapitalG, the company's private equity arm. Waymo and Lyft have a partnership to test self-driving cars, and perhaps eventually build a network.
Google was an early investor in Uber, but the companies are now engaged in a hard-fought lawsuit over trade secrets.
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We believe that Alphabet's expertise in data collecting, storing and monetizing makes it a formidable player in the autonomous driving market. Lyft is one of the Uber's main competitors. Sources claim Alphabet and Lyft haven't finalized a deal at this time.
Uber appointed a new chief executive, former Expedia CEO Dara Khosrowshahi, in late August after a string of scandals. Uber has raised more than $15 billion compared with Lyft's more than $2 billion. If such a deal goes through, though, it could be a major boost for Lyft, which has always been a distant No. 2 to Uber in size and in war chest.
Son said: "We are interested in discussing with Uber, we are also interested in discussing with Lyft, and we have not decided which way yet". Therefore, Lyft still needs to remain on its toes to outdo Uber in the near future.