Market Overview

GSV Capital Shares Gain On Carl Icahn's Lyft Investment

GSV Capital Shares Gain On Carl Icahn's Lyft Investment
Related SPY
How The SEC's Enforcement Division Is Responding To Cybersecurity Challenges
The Mad Search For Yield: TDA's JJ Kinahan Discusses September IMX Results
Market Timing: A New Systemic, Multi-Valued Indicator (Part 3) (Seeking Alpha)

GSV Capital Corp (NASDAQ: GSVC) rose nearly 2 percent Friday after investor Carl Icahn disclosed a $100 million investment in the ride-sharing startup Lyft Inc.

GSV, a closed-end management investment company, had about 3.7 percent of its assets invested in Lyft as of March 31, and valued its Lyft investment at $11.16 million.

Education Technology makes up 35 percent of GSV's portfolio, followed by cloud computing at 29 percent and big data at 21 percent.

GSV shares have gained more than 17 percent year-to-date and changed hands recently at $10.11, up $0.17 (1.7 percent).

San Francisco-based Lyft, a smaller rival to Uber, said Friday it raised an additional $150 million, led by Icahn's investment.

The latest investment now puts Lyft's value at about $2.5 billion, versus Uber's current value of more than $41 billion, according to The Wall Street Journal.

"There is room for two," Icahn told newspaper.

Icahn, in a statement, called Lyft's revenue growth "extremely compelling," and said increasing urbanization should help Lyft "maintain that trajectory."

One of Icahn's managing directors, Jonathan Christodoro, will join Lyft's board.

Lyft President John Zimmer said Lyft remains focused on "deepening our U.S. footprint," and providing "the best possible experience for drivers and passengers."

Lyft didn't disclose the source of the $50 million it raised recently in addition to the Icahn investment.

Posted-In: Carl Icahn Lyft UberNews Intraday Update Best of Benzinga


Related Articles (SPY + GSVC)

View Comments and Join the Discussion!