- Founders' Daily Briefing
- Posts
- 📝 Lyft fights surge pricing
📝 Lyft fights surge pricing
Liam Gill
August 08, 2024
In partnership with
News of the Day
Lyft is piloting a new feature called Price Lock, allowing riders to purchase a monthly subscription to cap prices for specific routes at specific times. This aims to address the inconsistency of surge pricing, especially for daily commuters. CEO David Risher highlighted the importance of reliable pricing during Lyft’s second-quarter earnings call, explaining that the subscription will likely cost under $5 monthly, with current testing showing a price of $2.99. Price Lock is separate from Lyft Pink membership and is part of Lyft's strategy to reduce the frequency of surge pricing, which has already declined by 25% quarterly. Despite achieving GAAP profitability for the first time, Lyft's third-quarter forecast fell short of analyst expectations, with projected gross bookings between $4 and $4.1 billion and adjusted core earnings of $90 million to $95 million. This new initiative is expected to enhance rider conversion rates, particularly in markets like Phoenix, Baltimore, and Orlando, where reductions in surge pricing have shown positive results.
Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199.
Tweet of the Day
If you have tweets you want to submit to be featured here (from you or someone you like), reply to this email with a link!
The biggest cause of staying poor isn’t missing opportunities. It’s not taking advantage of the ones you’ve got.
— Alex Hormozi (@AlexHormozi)
1:10 PM • Aug 7, 2024
Ease into investing
Ease being the key word. With automated tool like portfolio rebalancing and dividend reinvestment, Betterment makes investing easy for you, and a total grind for your money.
Chart of the Day
The peer group you’ve been waiting for.
The most successful people surround themselves with incredible talent. But today, it’s hard to find those people and facilitate the meetings. That’s why we built Sidebar - small groups of peers, facilitated by experts, that give you the advice you need now. No more sifting through blogs or scrubbing podcasts. Get the insights you need from incredible people like you, so you can get back to crushing your goals.
93% of users say Sidebar has been a game-changer.
Are you looking to grow your business? Here is how I can help:
📢Promote your startup to 2,000+ VCs including investors from a16z, YC, Techstars, Rarebreed, Sequoia and more.
📱Book a Strategy Call to get 1:1 feedback on your pitch, pitch deck and/or fundraising strategy. (If you need general startup advice, then reply to this email, and I’ll let you know if/how I can help.)
📺 Access FundraiseOS, the ultimate fundraising course with video lessons and practical worksheets helping with everything from deciding how much to raise to understanding a term sheet.
💸Promote your product or service to 100,000+ entrepreneurs.
🌐 Connect with me on LinkedIn or X (formerly Twitter) to get access to new content about startups, fundraising, venture capital, and more every day.
Onwards and Upwards,
