Carl Icahn sold Lyft stake ahead of IPO

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Longtime activist investor Carl Icahn sold his stake in Lyft prior to its initial public offering last week, according to sources familiar with the matter.

Ichan’s stake in Lyft amounted to about 2.7 percent of the ride-hailing company, or about $550 million. It’s been nearly four years since the company announced Icahn’s $100 investment in the then-private company. Neither Lyft nor Icahn immediately responded to CNBC’s request for comment.

At the time of the initial investment, Icahn said he believed that increasing urbanization over the next five-to-ten years should continue the company’s revenue growth.

But San Francisco-based company’s first few days as a public company have been far from smooth. Though the stock finished its first session at $78.29, above its IPO price of $72, it was last seen trading at $70.31.

This story is developing. Please check back for updates.

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