TOKYO -- Japanese e-commerce group Rakuten announced Monday a 25 billion yen ($237 million) write-down on its investment in Lyft, with CEO Hiroshi Mikitani resigning from the board of the U.S. ride-hailing company.
Mikitani decided to step down as a Lyft director "in order to devote his time to the management of [Rakuten] under the uncertain environment of COVID-19," the Japanese company said in a statement. The billionaire Rakuten founder had sat on Lyft's board since 2015.
