Wall Street veteran Carl Icahn did better with his Lyft investment than was previously known, and he’s already realized a return on it after selling to a buyer on the eve of the IPO, according to the Wall Street Journal. After first spending $100 million in 2015 at $19.45 a share, he bought another $50 million at a similar share price, according to the report. The final exit valuation of the stake was around $550 million.
The sale helped Icahn avoid a 180-day lockup period preventing earlier shareholders from selling immediately after the IPO. That may end up looking smart, as Uber’s upcoming IPO could impact Lyft’s stock. Lyft’s shares have been under pressure in the days since they began trading, changing hands below the $72 a share IPO price. It’s worth noting that before Icahn made his original investment in Lyft, the service was not readily available near his office in New York, and the then-79-year-old investor spent a lot of time interviewing drivers in the Lyft rides he subsequently took, a person familiar with the investment told The Information.