Launched in June 2012 by Logan Green and John Zimmer, the company's mobile-phone application facilitates peer-to-peer ridesharing by connecting passengers who need a ride with drivers who have a car. The company now operates in over 200 U.S. cities, including San Francisco, Los Angeles, and New York City, and is valued at $5.5 billion. As of January 2016, Lyft had raised more than $2 billion from investors.
According to the Times, Lyft’s discussions were most serious with G.M., which is one of the ride-hailing company’s largest investors. However, G.M. never made a written offer to buy Lyft, so Apple, Google, Amazon, Uber, and China’s Didi Chuxing (in which Apple has invested) were approached. So far no buyer has been found.
However, as the Times notes, Lyft isn’t in danger of closing down. It has a cash cushion of $1.4 billion.