Home » Need a Lyft? Ride-sharing company ‘burning’ through money

Need a Lyft? Ride-sharing company ‘burning’ through money

+ As Lyft raises $500 million, it is “burning through tens of millions of dollars a month,” losing $127 million in the first half of 2015 on $46.7 million in revenue, according to private fundraising documents obtained by Bloomberg. In a sign of its intense focus on growth in a competitive environment, the ride-sharing company spent $96.1 million on marketing during that period, more than twice its net revenue.

+ Here’s a simple math problem that even my 2nd-grade son should be able to figure out: How many $500 AK-47s can you buy with $500 million? That’s how much oil revenue ISIS takes in every year through its control of lucrative oil fields and the petroleum infrastructure in Iraq, which is five times higher than initial U.S. intelligence estimates, a gross miscalculation that severely underestimated the terror group’s financial health.

+ A Texas Congressman, who’s also second-generation auto dealer, tucked an amendment into the massive transportation bill that passed the House of Representatives last week that helps his family business. The little-noticed provision from Rep. Roger Williams “would allow dealers to rent or loan out vehicles even if they are subject to safety recalls,” reports the Center for Public Integrity’s John Dunbar.

+ The comptroller of financially-strapped Puerto Rico, Yesmín M. Valdivieso Galib, was fined for claiming a homestead tax exemption in FL while living on the island, reports the Centro de Periodismo Investigativo.

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