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Lyft costs Rakuten $950m in write-downs

US ride-hailer's stock slide slams Japanese e-commerce giant

Lyft's share price has fallen sharply ever since its March IPO due to intense competition with Uber.   © Reuters

TOKYO -- Rakuten said Tuesday that it will book a valuation loss of around 103 billion yen ($950 million) in the July-September quarter for its Lyft shareholdings, following a plunge in the U.S. ride-hailing company's stock price during the period.

The Japanese online mall operator is the largest shareholder in Lyft with an 11% stake, and it had reported a valuation gain of 110 billion yen on its holdings when the company went public in March.

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