San Fransisco – According to the Wall Street Journal, two of Lyft’s earliest investors, Founders Fund and Andreessen Horowitz, disposed of over $145 million Lyft shares. The lucky buyer on the other side of the deal was Saudi Prince Alwaleed bin Talal. Lyft has been attempting to raise more money from private investors in order to compete with Uber on a larger scale, and venture capitalists are also becoming impatient at the return on investment of so-called “unicorn” companies.
Funding has also been drying up for large private startups, and some in the technology industry speculate this is a way to cash in on their early investments before demand for private companies dries up. Also, many of these private startups had intentions of filing public share offerings, but with the markets in turmoil across the country, this option has become less likely and many investors are presumably locking in their gains while they can.