There’s little doubt that the coronavirus crisis will eventually subside. But it’s not as certain that the two major ride-hailing giants will survive the pandemic in their current form—particularly if it persists for more than a couple of months.
Stock traders seem to think that Lyft, in particular, faces the biggest question about its future. Shares of the No. 2 U.S. ride-hailing firm fell 20% on Monday, taking its decline in the past three weeks to nearly 60%. Uber is down by about half in the same period. An investor could acquire Lyft for $3.8 billion, while Uber would cost $32 billion.