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Lyft founders to tighten grip with supervoting shares in IPO: WSJ

A lighted sign appears in a Lyft ride-hailing car in Los Angeles, California, USA, 21 September 2017. REUTERS/Chris Helgren

(Reuters) – Lyft Inc founders are preparing in the near majority control of the ride-hailing company when it comes to the stock market this year, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

The founders, John Zimmer and logan green, together have an interest of less than 10 percent in Lyft.

Zimmer and Green, who will serve as president and chief executive officer, respectively, working with insurers and lawyers on a plan to create a class of shares with extra votes that they will keep, the report said.

Lyft is also expected to appoint one of the existing members of the board of directors as non-executive chairman, the wall street journal reported.

A Lyft spokesperson declined to comment.

Reporting by Sonam Rai in Bengaluru

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