As Lyft makes its debut as a publicly traded company, co-founders Logan Green and John Zimmer will be rich. But they won’t be billionaires just yet.
At an opening price of $87.24 a share, Green’s stake in Lyft (LYFT) is valued at about $730.5 million while Zimmer’s shares are worth about $504 million.
Green and Zimmer will continue to control Lyft, because most of their shares are in the form of Class B stock – which has super-voting rights. Green, who is also Lyft’s CEO, and Zimmer, who is Lyft president, will have just under 49% of the voting power. Lyft executives and board members overall will control 61% of the voting rights.
But Green and Zimmer aren’t the only ones that will cash in on Lyft’s IPO.
General Motors (GM) and mutual fund giant Fidelity both have a nearly 8% stake in Lyft. Those stakes are each worth a little north of $1.6 billion at the opening price.
Silicon Valley venture capital firm Andreessen Horowitz owns about 15 million shares of Lyft, a 6% stake that’s worth $1.3 billion. Andreessen Horowitz co-founder Ben Horowitz is on Lyft’s board.
Google (GOOGL) owner Alphabet has also made a big investment in Lyft. Alphabet owns about 12.8 million shares of Lyft through its CapitalG venture arm. That stake is worth $1.1 billion.
And board member Valerie Jarrett, former adviser to President Barack Obama, has a stake that is worth just under $600,000.