By CultureBanx Team
Foxx is the 1st former transportation secretary to join a Silicon Valley startup
Lyft doubled revenue to $909 million in the first half of 2018
Lyft just hired former Obama transportation official Anthony Foxx to develop more partnerships with governments and reshape mass transit systems in cities across the country. The brilliant and strategic hire comes as Lyft faces new challenging regulatory roadblocks while trying to expand their business.
Why This Matters: It definitely helps Lyft to have Foxx, the first former transportation secretary to join a Silicon Valley startup to navigate the muddled world of politics. This hire sends a clear signal that Lyft wants to operate in conjunction with governments unlike its dominant rival Uber, that has several regulators globally upset with the company.
The Information reported in the first half of 2018, the ride-sharing company more than doubled revenue to $909 million, up 121% from the same time last year. Losses for the company went up to $373 million, during the same period but at a much slower rate. Unfortunately, it’s still a very long way off from it’s main competitor Uber, they generated $12.01 billion in gross bookings in Q2.
In a Medium post, Foxx shared he has “made decisions on issues affecting mobility — everything from zoning and land use, to capital budgeting, to street resurfacing, to transit.” These are all things he’ll need to draw on to help Lyft grow and and create a solid foundation with various governments and investors ahead of its expected IPO.
Situational Awareness: For the November election, Lyft is giving discounted rides to polling places, with free rides to people in underserved communities. This is something not lost on Foxx, who wrote about how he would have to take trips across town in his grandfather’s car for better groceries, and how the vehicle was a “necessity but also a cost center.”
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