Alphabet led a $1 billion investment in Lyft, bringing its valuation to $11 billion. That's well above what Lyft wanted in a buyout last year and compares to the $7.5 billion it was valued at just 6 months ago. Dan Primack, Business Editor at Axios, broke the story and explains what the deal means for the companies.
While Primack believes it is a good investment for Alphabet, he still thinks the move is without a doubt tied to the Waymo situation with Uber. Waymo is Alphabet's self-driving car unit and has been locked in a legal battle with Uber for months. The company accuses former Uber engineer Anthony Levandowski of stealing trade secrets while he was still an employee at Waymo.
Alphabet's venture arm is also an earlier investor in Uber, but Primack thinks Alphabet could be looking to move away from Uber.