From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.

  • Lyft Files for IPO: Lyft took a major step toward its forthcoming IPO by disclosing corporate financials for the first time. In the customary S1 filing with the Securities and Exchange Commission, Lyft revealed that it made nearly $2.2 billion in revenue last year, up from about $1 billion a year earlier. The ride-hailing company reported $8.1 billion in bookings across over 1 billion rides, while its net loss expanded to $911 million from $688 million. Lyft plans to start trading at the end of the month on the Nasdaq under the ticker LYFT in what is expected to be one of the hottest public offerings in recent memory. Lyft is still much smaller than Uber, which operates globally ー but by beating its rival to market Lyft will provide investors with the first opportunity to buy into the ride-hailing industry. See more.

  • Tesla's Promise: At long last, Elon Musk delivered on his promise to get the Tesla ($TSLA) Model 3 sticker down to $35,000 ー the price that he believes will turn it into a mass-market electric car sedan. But in order to hit that target, Tesla has to cut costs. Musk said Tesla would close many of its brick-and-mortar retail locations and showrooms and move all global sales online. Tesla shares took a beating in the aftermath of that announcement, dropping 8 percent after Musk said he no longer thought the carmarker would turn a profit in the first quarter. The lower-priced Model 3 has a delivery time of two to four weeks. See more.

  • Gap Breaks Up: Gap ($GPS) said it would spin off Old Navy and re-form a new company ー temporarily called NewCo ー that consists of its struggling namesake brand, as well as Banana Republic, Hill City, and Athleta. Gap will also close 230 underperforming stores as part of the restructuring. Old Navy has thrived while Gap has struggled in recent years: Old Navy now takes in $8 billion in annual sales, while the other brands have a combined revenue around $9 billion. The Gap brand has not kept up with the trend among millennials of fast-fashion, while Old Navy has been able to appeal to a wider customer base with its lower prices. In a sign that retailers are continuing to struggle across the board as Amazon ($AMZN) and direct-to-consumer brands have gained market share, JCPenney ($JCP) and Victoria's Secret ($LB) also announced store closings this week.

  • YouTube Takes Action: In a drastic move, Google's ($GOOGL) YouTube disabled comments on tens of millions of videos featuring minors as it seeks to confront a loosely organized network of pedophiles who have been using coded language in comments to communicate and share material. That decision came a week after Epic Games and Disney ($DIS) followed AT&T, Hasbro, and others in pulling their ads from the platform. Many content creators cheered YouTube's move, while some worried that it would end up hurting video makers who reply on engagement to monetize their content.

  • Weight Watchers Crash: WW ($WTW), the company formerly known as Weight Watchers, had one of its worst trading days in history after posting a dismal earnings report. The stock tanked 34 percent Wednesday, which wiped out nearly $60 million on paper for the company's second-biggest investor: Oprah. As the face of the company, Oprah was said to have been behind its rebranding last year as a more holistic "wellness" franchise that focused on healthy lifestyle over just weight loss. But WW has also been blindsided the popularity of the keto diet, a low-carb plan that doesn't jibe with WW's famous commercials, in which Oprah proclaims: "I love bread!" See more.

ーBy Carlo Versano