Carl Icahn sold his stake in Lyft before the IPO

Billionaire investor Carl Icahn sold his approximately 2.7% stake in Lyft Inc. in anticipation of his initial public offering last week, according to sources familiar with the matter.

Jonathan Christodoro, a former managing director of Icahn Capital LP who sat on Lyft's board of directors until last month, put Mr. Icahn in touch with the buyer of the stake, worth around 550 million, at the price of the IPO, according to some people. The identity of the buyer can not be learned.

The exact timing and motivation of Mr. Icahn's move was not yet clear, although he held the bet for about four years – a relatively long time for him. The activist investor, who rarely invests in private companies, was dissatisfied with Lyft's plan to use supervisory actions to give his two founders a near-majority vote, some people said.

The price that Mr. Icahn got for his actions is unclear, but the investment was sure to succeed for the 83-year-old. He had invested about $ 100 million in Lyft in 2015, for a valuation of $ 2.5 billion, then added $ 50 million to the same value. The IPO valued Lyft at $ 24 billion, or $ 72 a share, although he probably sold it for a little less than that.

Lyft's shares were under pressure during their first week of trading. After exceeding expectations and posting an 8.7% rise in their debuts on Friday, they fell 12% on Monday and were volatile on Tuesday before rebounding on Wednesday. The stock is currently changing hands for about $ 71.25. Several badyst reports released after the IPO have put pressure on equities.

Investors of Lyft prior to the IPO are not permitted to sell shares prior to the expiry of the lock-up 180 days after the offer, it is the buyer of the participation of Mr. Icahn who is subject to this obligation .

Mr. Christodoro, Mr. Icahn's Lyft board representative, resigned in March, the company said in a document filed this month without giving any reasons. Mr. Icahn could have chosen to replace Mr. Christodoro by another representative, but did not do so.

Mr. Christodoro, who left the investment company of Mr. Icahn in 2017, sits on several boards, including that of PayPal Holdings Inc. He was present Friday morning when the founders of Lyft, Logan Green and John Zimmer , rang at the opening of the Nasdaq gate at a former car dealership in downtown Los Angeles, surrounded by employees, drivers and their families.