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Lyft Inc.’s lead independent director Sean Aggarwal scooped up $1 million of the ride-hailing company’s stock Monday, joining Chief Executive David Risher, who made a similarly sized purchase earlier in the month.
Aggarwal, also an early investor in Lyft
LYFT,
bought 96,900 shares at an average price of $10.337 in the latest transactions, according to a filing with the Securities and Exchange Commission made public Tuesday.
“I made a great investment in Lyft as the first investor with Logan Green and John Zimmer as they founded and scaled the business,” Aggarwal said in a statement provided to MarketWatch. “With David Risher now in the driver’s seat, I am doubling down and view this as another great investment opportunity.”
He holds his recently purchased shares in a trust shared with his spouse that currently owns about 971,000 Lyft shares. Aggarwal also reports two separate trusts that hold 283,000 and 200,000 shares, respectively. He further owns just over 59,700 shares directly, though some of these are restricted stock units.
Aggarwal follows Risher, who paid $1.15 million to buy up Lyft shares in mid-August. “Seeing this team in action shows me it’s the best investment I could make,” Risher said at the time.
Board member Dave Stephenson, who serves as the chief financial officer of Airbnb Inc.
ABNB,
paid $100,000 to purchase Lyft stock as well in mid-August.
The insider purchases at Lyft contrast with a $4.5 million stock sale by Nelson Chai, the outgoing chief financial officer of Uber Technologies Inc.
UBER,
which was disclosed last week.
See more: Uber’s outgoing CFO dumps $4.5 million in stock
Opinion: A ride-share price war is brewing, and it could mean bad news for Lyft
Uber shares have vastly outperformed Lyft shares so far this year, and Uber’s stock trades above its IPO price of $45 — albeit slightly. Lyft shares, meanwhile, are down 85% from their $72 IPO price.
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