Remember when we said Lyft's IPO was going to be a pooled ride of predictable pain for bagholders determined to get in something cool? And then literally everyone got in the car on Friday when Lyft IPO'ed?

Well...

The shares dropped as much as 12 percent to $69.12 as of 10:32 a.m. in New York, more than erasing Friday’s gain and falling below its initial public offering price of $72. Wall Street analysts highlighted concerns about how fast the ride-sharing company can start making money.

It's not pretty, you guys:

Screen Shot 2019-04-01 at 12.37.39 PM

And if history proves a teacher, it won't get prettier. 

Where have we seen this before? Oh, right.

It's happening again. The markets have overvalued another "cool" tech startup and then moved almost violently to correct the mistake. And in this case, Lyft has early investors like Carl Icahn and Henry Kravis who are quietly waiting and watching as the stock price plummets and everyone starts to wonder if the people running the show are up for this. What could possibly go wrong? Those guys are cool.

If only we could start predicting these things before they happen and temper our expectations about the flood of similar IPOs about to rain down on the market.

But, hey, what's the fun in that?

Related

Lyft Armageddon

Lyft Stock Opens Trading At You Are All Insane Dollars Per Share

Unless the second-biggest ridesharing app just doubled revenue or halved its spending in the last three days, this feels like a bit of a premium.

KravisLyft

Company With No Profits Aims For Biggest IPO In American History

Lyft is about to take everyone for quite a shared ride.

Lyft Armageddon

The Market Is Reckoning With Who Lyft Is Versus Who It Wants Lyft To Be

Lyft is the latest victim of a market that's afraid to be alone but even more afraid of an intimate long-term connection.

Carl Icahn LYFT

Of Course Carl Icahn Cashed Out Of Lyft Before The IPO Imploded

Did you really think that Uncle Carl would fall for this bullsh!t?