It is one of the few parts of equity trading that is pretty nearly exactly zero-sum. Insiders with knowledge of the over-priced IPO externalizing the impending

It is one of the few parts of equity trading that is pretty nearly exactly zero-sum. Insiders with knowledge of the over-priced IPO externalizing the impending price correction onto external investors who buy the hype. Existing shareholders know there is no evidence from the existing business to indicate a future cash flow that could net-present-value justify the IPO price, so that “believers” in future Lyft growth are just factually wrong, pending some currently unknowable drastic change to operating practices to change profitability.