Carl Icahn Reportedly Sells His Stake In Lyft To George Soros Before Its IPO

(RTTNews) - Carl Icahn sold his about 2.7% stake in Lyft Inc. to fellow billionaire George Soros ahead of the ride-hailing company's initial public offering last week, the Wall Street Journal reported citing people familiar with the matter.

Jonathan Christodoro, a former Icahn Capital LP managing director who sat on Lyft's board until last month, facilitated the sale of Icahn's stake, worth roughly $550 million at the IPO price. Soros, 88, is the founder of Soros Fund Management LLC.

The exact timing and motivation for Icahn's move couldn't be determined, though he had held the stake for roughly four years — a relatively long period for him. The activist investor, who rarely invests in private companies, had been unhappy with Lyft's plan to use supervoting shares to give its two founders near-majority voting rights, some of the people said.